The National Bank of Ras Al Khaimah (RAKBANK) has made history as the first conventional bank in the United Arab Emirates to introduce cryptocurrency trading services for retail customers. Launched on July 29, 2025, this innovative service allows RAKBANK clients to buy, sell, and swap digital assets directly through the bank’s mobile application, using UAE dirhams (AED). The initiative, powered by a partnership with Bitpanda, a leading European digital asset platform, marks a significant step in integrating cryptocurrencies into mainstream banking in the UAE.
A Groundbreaking Move in UAE Banking
RAKBANK’s entry into the cryptocurrency market positions it as a trailblazer among traditional financial institutions in the UAE. The bank, which manages assets worth AED 88.3 billion, has integrated Bitpanda’s advanced trading infrastructure into its mobile app, enabling seamless access to digital assets. This service eliminates the need for customers to use external cryptocurrency exchanges or convert funds into foreign currencies, streamlining the trading process and reducing associated costs.
The UAE has emerged as a global leader in financial innovation, particularly in blockchain and cryptocurrency. RAKBANK’s initiative aligns with the country’s broader ambition to become a hub for digital finance, as evidenced by the presence of over 600 crypto-related companies in the Dubai Multi Commodities Centre free zone and the growing financial ecosystems in the Dubai International Financial Centre and One Central district.
How the Service Works
RAKBANK’s crypto trading service is designed to be user-friendly and accessible, catering to both experienced investors and newcomers to the cryptocurrency market. Customers can execute trades directly from their existing RAKBANK current or savings accounts, with all transactions conducted in AED to avoid foreign exchange fees. The service is powered by Bitpanda Broker MENA DMCC, a Dubai-based entity regulated by the Virtual Assets Regulatory Authority (VARA), ensuring compliance with UAE’s stringent financial regulations.
The initial phase of the service is available by invitation only, with RAKBANK planning to expand access to a broader customer base in the coming months. The integration of Bitpanda’s platform allows for secure trade execution and custody, providing customers with a trusted and regulated environment to engage with digital assets.
Supported Cryptocurrencies
RAKBANK’s crypto trading service supports several major cryptocurrencies, reflecting the growing demand for diverse digital assets. The initial offerings include:
- Bitcoin (BTC): The world’s largest cryptocurrency by market capitalization, known for its decentralized structure and widespread adoption.
- Ethereum (ETH): A leading blockchain platform supporting decentralized applications and smart contracts, with ETH as its native token.
- Solana (SOL): A high-performance blockchain known for its scalability and low transaction costs, gaining popularity in decentralized finance (DeFi).
- Ripple (XRP): A digital asset designed for fast, low-cost cross-border payments, widely used in financial institutions.
This selection provides RAKBANK customers with opportunities to diversify their investment portfolios while leveraging the bank’s secure and regulated platform.
Strategic Partnership with Bitpanda
The collaboration with Bitpanda, an Austria-based digital asset platform, is central to RAKBANK’s crypto offering. Bitpanda is regulated in multiple European jurisdictions and has established partnerships with prominent financial institutions such as Deutsche Bank, N26, and Raiffeisen Bank. Its Dubai-based entity, Bitpanda Broker MENA DMCC, operates under VARA’s oversight, ensuring that RAKBANK’s crypto trading service adheres to high regulatory standards.
Lukas Enzersdorfer-Konrad, deputy CEO of Bitpanda, described the partnership as a pivotal moment for digital assets in the Middle East and North Africa (MENA) region. The collaboration leverages Bitpanda’s expertise in crypto infrastructure to provide RAKBANK customers with a seamless and secure trading experience.
UAE’s Growing Role in Crypto Innovation
RAKBANK’s initiative reflects the UAE’s proactive approach to embracing blockchain and cryptocurrency technologies. The country has implemented supportive regulations to attract crypto firms and foster innovation. For instance, the Dubai Financial Services Authority recently approved Ripple’s RLUSD stablecoin, signaling the UAE’s commitment to integrating digital assets into its financial ecosystem.
The establishment of the RAK Digital Assets Oasis (RAK DAO) in October 2023, a free-trade zone dedicated to crypto, Web3, blockchain, and artificial intelligence, further underscores the UAE’s ambition to lead in digital finance. With over a million businesses expected to operate in the UAE by 2030, the country is positioning itself as a global hub for fintech and virtual assets.
Benefits for RAKBANK Customers
RAKBANK’s crypto trading service offers several advantages for retail investors:
- Seamless Integration: Trades can be executed directly through the RAKBANK mobile app, eliminating the need for external platforms.
- No Foreign Exchange Fees: All transactions are conducted in AED, simplifying calculations and reducing costs.
- Regulatory Compliance: The service operates under VARA’s oversight, providing a trusted and secure environment.
- User-Friendly Experience: The platform is designed to be intuitive, making crypto trading accessible to beginners and seasoned investors alike.
- Portfolio Diversification: Access to major cryptocurrencies allows customers to diversify beyond traditional financial instruments.
These features align with RAKBANK’s commitment to being a “digital bank with a human touch,” offering innovative solutions that meet customers’ evolving needs.
Competitive Landscape in UAE Banking
While RAKBANK is the first conventional bank to offer in-app crypto trading, other UAE banks have also ventured into the digital asset space. Institutions such as Mbank, Zand Bank, Liv Bank by Emirates NBD, and FAB Bank have integrated their services with crypto exchanges, but RAKBANK’s direct, AED-based trading platform sets it apart for its simplicity and accessibility.
The UAE’s progressive stance on cryptocurrency is further evidenced by recent legal developments, such as a Dubai court recognizing crypto as a valid form of salary payment in 2024. These advancements highlight the country’s efforts to bridge traditional finance with the rapidly evolving world of digital assets.
Challenges and Considerations
While RAKBANK’s crypto trading service is a significant milestone, it comes with challenges typical of the cryptocurrency market. Investors should be aware of potential risks, including market volatility and regulatory changes. RAKBANK has emphasized the regulated nature of its platform to mitigate risks, but customers are encouraged to conduct independent research before trading.
Additionally, the invitation-only rollout may limit immediate access for some customers, though the planned expansion suggests broader availability in the near future. Details on transaction fees and other costs will be provided through RAKBANK’s app or official website, ensuring transparency for users.
Future Implications for UAE’s Financial Sector
RAKBANK’s crypto trading service positions the bank as a leader in the UAE’s digital finance movement. By offering a regulated, user-friendly platform, RAKBANK is catering to the growing demand for cryptocurrencies among retail investors. The partnership with Bitpanda also sets a precedent for how traditional banks can collaborate with fintech firms to deliver innovative solutions.
As the UAE continues to attract crypto companies and investors, RAKBANK’s initiative could inspire other financial institutions to explore similar offerings. The integration of digital assets into mainstream banking reflects a broader shift toward a more inclusive and innovative financial ecosystem in the region.
Conclusion
RAKBANK has become the first conventional bank in the UAE to offer cryptocurrency trading services, allowing retail customers to trade Bitcoin, Ethereum, Solana, and Ripple directly in AED through its mobile app. Launched on July 29, 2025, in partnership with Bitpanda, the service eliminates foreign exchange fees and external platform requirements, operating under VARA’s regulatory oversight. Currently available by invitation only, the initiative aligns with the UAE’s goal of becoming a global hub for digital finance, supported by its progressive regulations and growing fintech ecosystem.
Sources & References:
- Cointelegraph
- Zawya
- BitcoinEthereumNews
- CoinDesk
- Coinpedia
