In a landmark development for the UAE’s banking and fintech sector, RAKBANK (The National Bank of Ras Al Khaimah) has become the first conventional bank in the country to offer crypto trading services directly to retail customers. The new feature, integrated into RAKBANK’s mobile app, allows users to buy, sell, and swap leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP — all settled in UAE dirhams (AED).
Launched in late July 2025, this innovative service removes the need for customers to interact with external crypto exchanges or deal with foreign currency conversions, making digital asset trading simpler, safer, and more accessible for everyday users.
Strategic Leap in UAE’s Fintech Evolution
RAKBANK’s move marks a significant step forward in mainstreaming cryptocurrency within traditional banking infrastructure. In partnership with Bitpanda Broker MENA DMCC, a Virtual Assets Regulatory Authority (VARA)-licensed entity, the bank offers crypto trading under a regulated and secure framework.
This collaboration leverages Bitpanda’s institutional-grade infrastructure to provide real-time trading capabilities without cross-border financial complexity. The elimination of forex fees and third-party transfers offers users a streamlined, cost-effective entry into the digital asset space.
How It Works: Features and Functionality
RAKBANK customers can now access crypto trading directly through their existing savings or current accounts, with no additional accounts or digital wallets required. Key features of the rollout include:
- Full AED Transactions: All trades are executed in UAE dirhams, simplifying user experience and removing currency conversion barriers.
- In-App Trading: Crypto services are embedded within the bank’s mobile app, eliminating the need for external exchanges.
- Limited Asset List: The initial offering includes four major cryptocurrencies (BTC, ETH, SOL, XRP), with plans to expand.
- Regulated Partnership: Powered by Bitpanda under VARA oversight, ensuring full regulatory compliance.
- Invitation-Only Rollout: The service is currently available to a select group of users, with a broader release on the horizon.
Executive Insights on the Launch
Commenting on the launch, Raheel Ahmed, Group CEO of RAKBANK, told FF News:
“RAKBANK has been a leader, proud to be the first conventional bank in the UAE to provide simple, secure, and fully regulated crypto trading in AED.”
Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, echoed the significance of the partnership:
“This collaboration is a major step in bringing safe, compliant crypto access to customers via a trusted banking partner.”
Implications for the Financial Sector and Beyond
This bold move has wider implications for the UAE’s digital asset ecosystem and sets a precedent for other financial institutions in the region. By embedding crypto into a familiar and regulated banking experience, RAKBANK is lowering the barrier to entry for everyday investors, particularly those unfamiliar with complex crypto platforms.
The initiative also aligns with the UAE’s broader fintech ambitions, including its efforts to become a global hub for blockchain innovation. The launch reinforces confidence among both domestic users and international investors that crypto can be safe, accessible, and locally managed under robust regulatory supervision.
What Comes Next?
As RAKBANK transitions from an invitation-only model to wider access, the move is expected to catalyze similar offerings from other regional banks. The integration of digital assets into conventional banking channels not only democratizes access but also bridges the gap between traditional finance and Web3 innovation.
Crypto Banking FAQ: What You Need to Know
- What has RAKBANK introduced?
A first-of-its-kind retail crypto brokerage integrated into its mobile app. - Which cryptocurrencies are available?
Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP. - Do I need an external wallet or exchange?
No. All trading occurs directly within your RAKBANK AED account. - Is the service regulated?
Yes. It is operated under the VARA license via Bitpanda Broker MENA DMCC. - Is it available to all customers?
Currently, access is by invitation only, with a broader rollout expected soon.
