Dubai, UAE – The United Arab Emirates is rapidly asserting itself as a global hub for crypto banking innovation, with Zand Bank and CoinMENA leading the region’s bold push toward fiat-to-crypto integration. As digital finance gains ground across the Middle East and North Africa (MENA), these two entities are setting new benchmarks for interoperability, institutional trust, and regulatory alignment.
With the UAE’s forward-looking policies and robust tech infrastructure, Zand and CoinMENA are not only facilitating seamless digital asset transactions but are also redefining how money moves across borders. Their joint efforts are driving both retail and institutional adoption, reinforcing the UAE’s vision of becoming a global leader in blockchain-powered financial services.
Zand Bank: Building a Blockchain-Driven Payments Backbone
A pioneer in the UAE’s digital banking sector, Zand Bank is making headlines with its ambitious blockchain strategy. Through a strategic partnership with Ripple, Zand is deploying a blockchain-based system for real-time cross-border payments—a direct challenge to the inefficiencies of traditional banking.
By using stablecoins and local currencies to power instant international transfers, Zand is not just improving speed and transparency but is also positioning the UAE as a global payments hub. Central to this effort is Zand’s plan to launch a UAE dirham-backed stablecoin, supported by the Central Bank of the UAE’s 2024 Payment Token Services Regulations.
The move underscores the nation’s commitment to a regulated yet dynamic digital finance ecosystem. The partnership with Ripple is further strengthened by Ripple’s recent DFSA license, which validates the UAE’s crypto regulatory framework in the eyes of international stakeholders.
CoinMENA: Seamless Integration with Institutional Confidence
CoinMENA, a Sharia-compliant digital asset exchange, has become a key player in the UAE’s crypto journey. Its integration with Zand Bank allows users to transfer funds directly between Zand accounts and CoinMENA wallets—an essential development for frictionless fiat-to-crypto conversions.
This functionality is crucial for both retail users and institutions, simplifying the on-ramping and off-ramping process between fiat and digital currencies. CoinMENA’s commitment to security and compliance is evident in its partnership with BitGo, a leading provider of institutional-grade crypto custody. BitGo’s infrastructure not only ensures top-tier regulatory adherence but also offers cold storage insurance coverage up to $250 million—a key enabler for institutional adoption.
Regional Growth: A Surge in Crypto Activity
The impact of these initiatives is already transforming the region’s financial landscape. Between July 2023 and June 2024, the MENA region received an estimated $338.7 billion in on-chain value, according to industry data. Much of this surge is attributed to the ease of access provided by platforms like CoinMENA.
By August 2024, CoinMENA reported a staggering 430% increase in trading volume year-on-year, surpassing $2 billion in fiat-to-crypto transactions. The platform’s retail user base also exploded, with over one million sign-ups by April 2024. Meanwhile, neighboring Gulf countries are also riding the wave—Saudi Arabia and Qatar witnessed year-on-year transaction growth rates of 154% and 120%, respectively.
Regulatory Framework: A Catalyst for Innovation
One of the UAE’s strongest assets in this transformation is its regulatory foresight. The Payment Token Services Regulations (2024) have established a safe yet flexible sandbox for innovation, balancing consumer protection with entrepreneurial freedom. Bahrain’s complementary frameworks further reinforce the region’s crypto-readiness.
This approach has attracted major global players—Ripple, BitGo, and others—who see the UAE not only as a lucrative market but also as a trusted regulatory partner. With tokenization of real-world assets and advanced custody solutions next on the horizon, Zand and CoinMENA are laying the groundwork for even deeper integration of crypto into traditional finance.
Conclusion: The MENA Region’s Crypto Moment
The UAE’s strategic vision, executed through trailblazers like Zand and CoinMENA, is fast becoming a blueprint for the future of digital finance. By fusing blockchain innovation, institutional-grade security, and supportive regulation, the country is spearheading a new era of fiat-to-crypto interoperability.
As the rest of the MENA region follows suit, investors and financial institutions are witnessing the birth of a resilient, inclusive, and forward-thinking digital finance ecosystem—one that could rival the world’s most advanced markets in the coming years.
