The National Bank of Ras Al Khaimah (Rakbank) has become the first conventional bank in the United Arab Emirates (UAE) to offer cryptocurrency trading services directly to retail customers. In a landmark move for the region’s financial sector, Rakbank announced the launch of a crypto brokerage feature within its mobile banking app, enabling users to buy, sell, and swap cryptocurrencies seamlessly using UAE dirhams (AED).

Powered by Austria-based Bitpanda and operated by Bitpanda Broker MENA DMCC, a Virtual Assets Regulatory Authority (VARA)-regulated firm in Dubai, the integration aims to provide customers with a secure and fully regulated gateway to the digital asset economy.

“We are proud to be the first conventional bank in the UAE to enable simple, secure, and regulated access to a world-class digital assets platform,” said Raheel Ahmed, Rakbank’s Group CEO. “This solution offers a more efficient and seamless crypto journey that is fully in AED.”

No More External Transfers or FX Fees

Unlike other platforms that require users to move funds to external crypto exchanges, Rakbank’s service is fully embedded in its mobile app and linked directly to the customer’s AED account. This eliminates the need to convert between fiat currencies or incur foreign exchange (FX) fees, making it more cost-effective and user-friendly.

With Bitpanda’s backend infrastructure handling trade execution and asset custody, users can enjoy institutional-grade security and compliance standards. Bitpanda is already licensed across multiple European jurisdictions and maintains strategic partnerships with major financial institutions such as Deutsche Bank, N26, and Raiffeisen Bank.

According to Bitpanda’s Deputy CEO, Lukas Enzersdorfer-Konrad, this partnership represents “a big moment for digital assets in the region,” as it bridges the gap between traditional finance and modern blockchain innovation.

Invitation-Only Access for Now

Currently, the crypto trading feature is accessible on an invitation-only basis, but Rakbank plans to roll out the service to a broader audience in the coming months. The bank views this as a strategic step to cater to evolving consumer demands, particularly among younger, tech-savvy demographics increasingly interested in digital finance.

Rakbank had previously signalled its intent to enter the crypto space. In 2023, the bank partnered with Bitpanda to co-develop a digital asset management platform, referring to crypto as the “future” of finance.

UAE Aims to Be Crypto Capital of the Middle East

Rakbank’s bold move is aligned with the UAE’s broader ambitions to position itself as a global hub for blockchain and crypto innovation. The country has already implemented progressive regulations and established crypto-friendly zones like the Dubai Multi Commodities Centre (DMCC), which now hosts over 600 blockchain firms.

Dubai International Financial Centre (DIFC) and the One Central district have also seen a surge in digital asset firms. In June, the Dubai Financial Services Authority approved Ripple’s RLUSD stablecoin, further reinforcing the country’s openness to regulated crypto solutions.

By enabling retail crypto trading through a traditional bank, Rakbank is setting a new standard in the Middle East’s financial landscape. It not only makes digital assets more accessible to everyday users but also enhances trust and legitimacy around crypto investments through institutional support.

A Milestone for Mainstream Crypto Adoption

Rakbank’s crypto service marks a significant milestone in the UAE’s digital finance journey. As the first traditional bank in the country to facilitate retail crypto trading in AED via a regulated platform, Rakbank is bridging a critical gap between conventional banking and the evolving crypto economy.

With full regulation, seamless integration, and plans for wider access, the bank is paving the way for a future where digital assets are an integral part of everyday banking in the UAE.