RAKBANK Becomes UAE's First Conventional Bank to Enable AED Crypto Trading via Mobile App

RAKBANK, the government-owned bank in the United Arab Emirates (UAE), has introduced a crypto brokerage service, becoming the first conventional bank in the country to enable retail customers to trade cryptocurrencies directly through its mobile banking app. The service, launched in July 2025, allows users to buy, sell, and swap digital assets using UAE dirham (AED) without incurring foreign exchange fees or transferring funds to external exchanges [1]. This capability is powered by Austria-based Bitpanda, with transactions facilitated by Bitpanda Broker MENA DMCC, a subsidiary regulated under Dubai’s Virtual Assets Regulatory Authority (VARA) [2]. The integration enables customers to execute trades from their existing savings or current accounts, streamlining the process for those previously deterred by regulatory complexity or logistical hurdles.

The initiative aligns with the UAE’s broader push to solidify its position as a global hub for blockchain and digital finance. Dubai’s regulatory frameworks, including VARA and the Dubai Multi Commodities Centre free zone, have attracted over 600 crypto-related businesses, fostering an environment where traditional and digital financial systems converge. RAKBANK’s CEO, Raheel Ahmed, emphasized the bank’s commitment to providing a “more efficient and seamless” crypto experience, underscoring the service’s regulated and localized nature [1]. The offering currently operates on an invitation-only basis, with a wider rollout planned for the coming months.

By partnering with Bitpanda—a firm already licensed in multiple European jurisdictions and linked to institutional partners like Deutsche Bank—the bank has leveraged existing infrastructure to accelerate deployment. This strategy contrasts with in-house development, which could delay market entry and increase costs. Analysts highlight that the absence of institutional-grade compliance barriers makes the service particularly accessible to retail investors, though its long-term success will depend on user adoption rates and the bank’s ability to navigate market volatility [2]. Bitpanda’s deputy CEO, Lukas Enzersdorfer-Konrad, described the collaboration as a “big moment for digital assets in the region,” noting the firm’s existing expertise in regulated crypto trading [1].

The service’s focus on AED-based transactions addresses a key pain point for UAE residents, who previously faced challenges converting fiat to crypto or managing foreign currency fees. RAKBANK’s marketing materials highlight “lowest buy fees” as a competitive advantage, targeting both seasoned traders and first-time users [3]. This approach mirrors the UAE’s regulatory innovation, which has seen milestones such as Dubai’s approval of Ripple’s RLUSD stablecoin in recent months. The bank’s move also reflects a growing trend of collaboration between traditional financial institutions and fintech providers in the Middle East and North Africa (MENA) region, where digital banking adoption is rapidly expanding.

While the service’s regulated structure offers a level of consumer protection, risks such as price volatility and cybersecurity threats remain inherent to crypto trading. RAKBANK’s emphasis on education and streamlined onboarding suggests a recognition of these challenges, though the extent of client support will likely shape user confidence. The bank’s initiative may also incentivize other UAE institutions to explore similar partnerships, further accelerating the integration of digital assets into mainstream finance. As the region continues to refine its regulatory framework, RAKBANK’s entry into the retail crypto market could serve as a blueprint for balancing innovation with risk management in a rapidly evolving landscape [2].

Source:

[1] Gulf News, [https://gulfnews.com/business/banking/rak-becomes-first-traditional-uae-bank-to-offer-crypto-trading-for-retail-clients-1.500214857](https://gulfnews.com/business/banking/rak-becomes-first-traditional-uae-bank-to-offer-crypto-trading-for-retail-clients-1.500214857)

[2] ZAWYA, [https://www.zawya.com/en/press-release/companies-news/rakbank-becomes-the-first-uae-conventional-bank-to-facilitate-crypto-brokerage-service-frx7551b](https://www.zawya.com/en/press-release/companies-news/rakbank-becomes-the-first-uae-conventional-bank-to-facilitate-crypto-brokerage-service-frx7551b)

[3] RAKBANK, [https://www.rakbank.ae/en/everyday-banking/rakbank-for-you/crypto-wait-list/](https://www.rakbank.ae/en/everyday-banking/rakbank-for-you/crypto-wait-list/)