RAKBANK Launches UAE's First Dirham-Based Crypto Trading in App, Boosting Fintech Push

RAKBANK has become the first traditional bank in the United Arab Emirates to offer dirham-based cryptocurrency trading directly through its mobile app, positioning itself at the center of the UAE’s fintech transformation. The service, powered by Austria-based crypto platform Bitpanda, allows users to buy, sell, and swap digital assets using the UAE dirham (AED) without converting to foreign currencies or relying on offshore platforms. This move aligns with the UAE’s broader strategy to establish itself as a global digital asset hub [1].

The integration eliminates prior barriers such as cross-border currency conversions and regulatory complexities. Users previously navigated platforms like Binance or Coinbase, where transactions required converting AED to USD and incurring additional fees. By enabling seamless trading in AED, RAKBANK provides a localized solution that integrates crypto services directly with existing banking accounts, allowing users to access digital assets without leaving the app [1].

Bitpanda’s role is critical, as its subsidiary in the UAE—Bitpanda Broker MENA DMCC—is regulated under Dubai’s Virtual Assets Regulatory Authority (VARA). This regulatory endorsement enhances trust in the service, particularly as Bitpanda has already partnered with European institutions like Deutsche Bank. The platform supports initial trading in Bitcoin, Ethereum, Solana, and Ripple, with plans to expand to more assets. Transactions are executed and settled entirely in AED, further simplifying the process for local users [1].

The launch reflects a strategic shift in the region’s financial landscape. Prior to this, crypto access in the UAE often relied on third-party platforms outside local jurisdiction, which lacked integration with traditional banking services. RAKBANK’s approach embeds digital assets into mainstream banking, potentially setting a precedent for other institutions. This innovation not only addresses consumer demand for convenience but also reinforces the UAE’s ambition to lead in digital finance. The Dubai Multi Commodities Centre (DMCC) has already attracted over 600 crypto-related firms, while initiatives like Ripple’s RLUSD stablecoin highlight the government’s active support for the sector [1].

While the service is currently invitation-only, RAKBANK plans to broaden access in the coming months. The bank’s move is likely to draw attention from both consumers and regulatory bodies across the Gulf, as it demonstrates how traditional banks can adapt to evolving market expectations. By leveraging Bitpanda’s infrastructure and Dubai’s regulatory framework, RAKBANK mitigates risks associated with unregulated platforms, offering users a secure entry point into crypto markets.

This development underscores the UAE’s momentum in digital assets. With RAKBANK’s service, the nation reinforces its position as a bridge between global crypto innovation and local financial systems. The full rollout will be closely observed, as it may influence how other banks in the region approach digital asset integration.

Source: [1] RAKBANK introduces dirham-based crypto trading via app, joins UAE’s fintech push (https://invezz.com/news/2025/07/29/rakbank-introduces-dirham-based-crypto-trading-via-app-joins-uaes-fintech-push/)