RAKBANK has become the first conventional bank in the United Arab Emirates to introduce cryptocurrency trading directly through its mobile banking app. The new feature allows selected customers to buy, sell, and swap cryptocurrencies using their existing RAKBANK accounts without transferring funds to third-party platforms.
Bitpanda, a European-based digital asset infrastructure provider, services this. Its platform is seamlessly integrated into the bank’s app, giving access to digital asset transactions in UAE Dirhams. Such an arrangement eliminates the necessity of currency conversion or outsourcing crypto exchanges.
Crypto-operations are carried out with funds from RAKBANK current or savings accounts. The app can accomplish transactions in a couple of steps. Its service is designed to make access to virtual assets easier, and users stay inside a safe banking environment.
Partnership with Bitpanda Ensures Compliance and Local Oversight
The new feature is controlled by Bitpanda Broker MENA DMCC, acting under the regulations of Vara, the Commission of Virtual Assets in Dubai. Moreover, Bitpanda is permitted to work within financial regulations in many European countries, making the service regulations even stricter.
At the moment, this crypto trading option is available only by invitation and to a limited number of users. RAKBANK has confirmed the expansion to broader access, which will be phased out in the months to come. This would enable the bank to test-run its use and ensure fluid performance before making the service available to the general populace.
According to RAKEBANK Group CEO Raheel Ahmed, the idea behind introducing this feature is to give its business clients a controlled method of experimenting with the digital production market. He observed that the bank remains a leader in digital innovation among financial institutions in the UAE.
Bitpanda Deputy CEO Lukas Enzersdorfer-Konrad also emphasized the partnership’s importance. According to him, it portrays how controlled organizations can provide crypto access to people in an easy and safe format.
The service will be interesting to investors who seek integrated management of their digital assets without having to leave the familiar banking domain. It is also aligned with the larger vision in the UAE to be one of the key destinations for regulated virtual asset services.
Conclusion
This step helps RAKBANK create a new precedent for the way the conventional banking system in the UAE may integrate cryptocurrencies. The service offers its users access to secure crypto through a reliable banking system and on the back of complete regulatory oversight.
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