RAKBank Becomes First UAE Bank to Launch Retail Crypto Trading Service
The National Bank of Ras Al Khaimah became the first conventional bank in the UAE to offer retail cryptocurrency trading services. Cointelegraph reported Tuesday that the government-owned institution launched a crypto brokerage service through its mobile banking application.
The service allows customers to buy, sell and swap cryptocurrencies directly from their UAE dirham accounts. Raheel Ahmed, group CEO of RAKBank, stated the bank recognizes the opportunity this solution provides to UAE customers who deserve a more efficient crypto trading journey that remains fully regulated and operates entirely in dirhams.
The new offering operates through a partnership with Austria-based Bitpanda. Transactions are facilitated by Bitpanda Broker MENA DMCC, a Virtual Assets Regulatory Authority regulated entity in Dubai. Customers can trade cryptocurrencies without transferring funds to external exchanges or converting between fiat currencies, eliminating foreign exchange fees. The service launched by invitation only, with broader rollout planned for coming months.
Why This Banking Integration Matters
This development addresses a key friction point for UAE crypto investors who previously faced complex processes when accessing digital asset markets. CoinDesk confirmed that customers can now trade Bitcoin, Ethereum, Solana and Ripple directly within the banking app, with additional assets planned for future addition.
The integration eliminates the need for currency conversions and external platform transfers that typically incur additional costs. RAKBank customers can execute trades directly from current or savings accounts, with all settlements occurring in local currency. This approach removes barriers that historically prevented mainstream adoption among retail investors.
Lukas Enzersdorfer-Konrad, deputy CEO of Bitpanda, called the partnership a major moment for digital assets in the region. Bitpanda brings established credentials through existing institutional partnerships with Deutsche Bank, N26 and Raiffeisen Bank across European jurisdictions. The partnership positions RAKBank ahead of regional competitors Emirates NBD and First Abu Dhabi Bank, both of which have explored but not yet delivered fully integrated retail crypto solutions.
Industry Transformation and Global Context
RAKBank's integration reflects broader institutional crypto adoption trends worldwide. Elliptic's State of Crypto 2025 report found that 44% of financial institutions are now willing to offer bank accounts to crypto businesses, while 77% of compliance leaders recognize the importance of digital asset capabilities.
The move aligns with the UAE's strategy to become a global blockchain hub. Dubai Multi Commodities Centre has attracted over 600 crypto companies, while Dubai International Financial Centre continues drawing tokenization startups and stablecoin issuers. Last month, Dubai Financial Services Authority approved Ripple's RLUSD stablecoin, demonstrating growing regulatory maturity.
Banking analysts predict at least three major UAE banks will follow RAKBank's approach within 18 months. The competitive pressure comes as traditional financial institutions face challenges from fintech disruptors and decentralized finance platforms. As we previously analyzed regarding national crypto adoption strategies, countries implementing comprehensive digital asset frameworks often see accelerated financial sector modernization.
The timing coincides with global regulatory clarity improvements. European Union's Markets in Crypto-Assets regulation achieved full implementation in December 2024, while United States regulatory frameworks continue evolving under new administration policies. These developments provide financial institutions greater confidence to advance digital asset strategies.
International banking giants including JPMorgan, Goldman Sachs and Standard Chartered have launched crypto custody and trading services throughout 2024 and early 2025. RAKBank's approach differs by targeting retail customers rather than institutional clients, potentially setting a template for regional banking sector transformation. The initiative positions UAE banking ahead of other Middle Eastern markets where crypto integration remains limited to specialized platforms rather than mainstream banking infrastructure.
