UAE’s RAKBANK Becomes First Bank to Enable In‑App Retail Crypto Trading

From 29 July 2025, select RAKBANK customers have access to buy, sell, and swap major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Ripple (XRP), all settled in UAE dirhams (AED), without the usual need to transfer funds through external exchanges or incur foreign exchange fees. Through this integration with Bitpanda’s platform, transactions settle seamlessly within the bank’s app interface.

RAKBANK’s Group CEO Raheel Ahmed described the launch as a “simple, secure, and regulated access to a world‑class digital assets platform,” noting that customers “deserve a more efficient and seamless crypto buying, selling and swapping journey that is fully regulated and entirely in AED.”

This move follows RAKBANK’s August 2024 strategic alliance with Bitpanda Technology Solutions, which was announced to build a secure digital assets platform for UAE residents, subject to approval by the Central Bank of the UAE. That earlier partnership was positioned to fill a market gap by combining RAKBANK’s banking reach with Bitpanda’s regulated crypto infrastructure.

Bitpanda operates under the Virtual Assets Regulatory Authority (VARA) in Dubai via its Bitpanda Broker MENA DMCC entity, and is also regulated in several European jurisdictions. RAKBANK, established in 1976 and publicly listed on the Abu Dhabi Securities Exchange, is majority‑owned (over 52%) by the government of Ras Al Khaimah and has long positioned itself as a fintech innovator in the UAE banking landscape.

Until now, customers in the UAE who wished to trade crypto had to send funds to foreign exchanges or banks, incurring both currency conversion costs and international-processing delays. By contrast, RAKBANK’s new service enables real‑time trading directly from a customer’s AED current or savings account, cuts out the middleman, reduces friction, and keeps activity entirely within the UAE financial ecosystem. There are no external transfers or foreign exchange fees, all trades are conducted in dirhams, and custody and execution are handled via Bitpanda’s secure infrastructure regulated under VARA.

Initially, the offering is invitation‑only, with a broader rollout planned over the coming months. RAKBANK has indicated that more cryptocurrencies will be added to the platform in due course.

The launch marks a watershed moment as it is the first time a traditional UAE bank has offered direct crypto trading to retail clients through a fully regulated, app-based service. It comes amid the UAE’s broader push to establish itself as a global hub for digital assets, backed by progressive regulations and infrastructure such as VARA in Dubai and ADGM’s virtual assets framework.

RAKBANK earlier partnered with Kraken to enable AED‑denominated crypto funding in 2022 under ADGM licensing. Those efforts laid groundwork for integrating crypto with mainstream banking channels and reducing reliance on offshore platforms.

In the 2024 launch announcement, RAKBANK’s Group Chief Customer Officer, Dongjun “DJ” Choi, emphasized that digital assets represent a future-forward tool for customers to manage their finances more securely and efficiently. He noted that the collaboration is intended to reshape traditional finance by providing a fully regulated digital asset platform. Bitpanda Technology Solutions CEO Lukas Enzersdorfer‑Konrad highlighted RAKBANK’s history of crypto innovation in the UAE and explained that Bitpanda’s modular infrastructure is built to adapt to the bank’s needs, with the aim of expanding crypto access across the country.

This in‑app offering reduces complexity and brings cryptocurrency trading closer to mainstream banking, potentially encouraging broader retail adoption in the UAE. It also sets a precedent that other regional banks may follow if the model succeeds. However, risks remain. Crypto volatility and regulatory scrutiny remain high globally, and the value of assets is subject to price swings. While the service is VARA‑regulated, central bank oversight will be critical to ensuring consumer protection, market integrity, and alignment with broader financial stability objectives.

RAKBANK’s tie‑up with Bitpanda marks a landmark in the UAE’s evolving digital finance ecosystem. By embedding crypto trading directly into a bank’s mobile app, settled in dirhams and fully regulated, the initiative reduces friction, lowers costs and signals institutional confidence in digital assets. As the rollout expands beyond its initial invitation phase, it could herald a significant shift in how retail investors across the UAE and potentially the wider Gulf engage with the crypto market.