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The National Bank of Ras Al Khaimah (Rakbank) has become the first conventional bank in the UAE to offer retail crypto trading services.
The new feature, integrated into its mobile banking app, allows customers to trade cryptocurrencies seamlessly using UAE dirhams (AED) without transferring funds to external exchanges.
Powered by Austrian fintech firm Bitpanda, the service is currently available by invitation, with a full rollout expected in the coming months.
This development marks a significant step in bridging traditional banking with the rapidly growing retail crypto trading market, reinforcing the UAE’s ambition to become a global digital asset hub.
Rakbank’s retail crypto trading platform eliminates the need for customers to deal with foreign exchange fees or third-party custodians. Instead, users can buy, sell, and swap digital assets directly from their bank accounts, ensuring compliance with UAE regulations.
“We believe customers deserve a more efficient and seamless retail crypto trading experience that is fully regulated and entirely in AED,” said Raheel Ahmed, Group CEO of Rakbank. “This solution aligns with our vision of providing innovative financial services while maintaining security and trust.”
The service operates under Bitpanda Broker MENA DMCC, a Dubai-based entity licensed by the Virtual Assets Regulatory Authority (VARA).
This ensures that all transactions meet strict regulatory standards, offering retail investors a safer alternative to unregulated exchanges.
The partnership with Bitpanda, a European fintech firm already collaborating with Deutsche Bank and Raiffeisen Bank, underscores Rakbank’s commitment to leveraging established expertise in retail crypto trading.
“This is a big moment for digital assets in the region,” said Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda. “By integrating our technology with Rakbank, we’re making retail crypto trading more accessible while adhering to the highest compliance standards.”
Bitpanda’s infrastructure handles trade execution and custody, ensuring that Rakbank’s customers benefit from a secure and user-friendly platform.
The move also aligns with the UAE’s broader strategy to attract blockchain innovation, as seen with Dubai’s recent approval of Ripple’s RLUSD stablecoin.
Rakbank’s entry into retail crypto trading follows the UAE’s aggressive push to become a global crypto hotspot. The Dubai Multi Commodities Centre (DMCC) alone hosts over 600 crypto firms, while the Dubai International Financial Centre (DIFC) continues to attract major blockchain enterprises.
Last year, Rakbank announced plans to develop a digital asset management platform in collaboration with Bitpanda, signaling long-term confidence in the sector.
“Digital assets are the future,” the bank stated, emphasizing efficiency and security as key benefits for customers.
With this launch, the UAE further cements its reputation as a forward-thinking financial hub, offering both institutional and retail crypto trading opportunities under a clear regulatory framework.
For everyday users, Rakbank’s retail crypto trading service simplifies entry into digital assets by:
Removing FX barriers (trades are conducted in AED).
Ensuring regulatory compliance (via VARA oversight).
Enhancing security (funds remain within the banking ecosystem).
As the UAE continues to embrace blockchain innovation, Rakbank’s initiative could set a precedent for other regional banks to follow, further integrating cryptocurrencies into mainstream finance.
Rakbank is the first UAE conventional bank to offer retail crypto trading.
The service is powered by Bitpanda and fully regulated under VARA.
Trades are executed in AED, eliminating foreign exchange complications.
The UAE’s progressive policies are accelerating crypto adoption.
