RAKBANK, a government‑owned bank in the UAE, has made history by becoming the first conventional bank in the country to offer crypto trading to retail customers. Through its mobile banking app, users can now buy, sell, and swap cryptocurrencies like Bitcoin, Ethereum, Solana, and XRP directly in UAE dirhams (AED) without needing to transfer funds to external exchanges or convert their currency Reddit+14AInvest+14AInvest+14.
The move eliminates forex fees and streamlines access—trades settle instantly from existing current or savings accounts. Powered by Austria‑based Bitpanda Broker MENA DMCC and regulated under Dubai’s Virtual Assets Regulatory Authority (VARA), RAKBANK ensures a fully compliant, secure trading environment The Crypto Times+10AInvest+10Coin Insider+10.
How It Works and What’s Next
Currently available by invitation only, the service will gradually expand to broader retail access in the coming months AInvest+6AInvest+6AInvest+6. At launch, customers can trade major assets such as BTC, ETH, SOL, and XRP, and RAKBANK plans to add more coins over time Reddit+11The Crypto Times+11Coin Insider+11.
By embedding crypto trading within its app, RAKBANK removes barriers faced by UAE retail users, such as regulatory complexity and fragmented user journeys. According to Group CEO Raheel Ahmed, the bank aims to provide a “more efficient and seamless crypto buying, selling and swapping journey that is fully regulated and entirely in AED” RAK Bank+10Gulf News+10Coin Insider+10.
This initiative aligns with the UAE’s broader ambition to become a global crypto and fintech hub. Over 600 crypto firms operate across Dubai’s DMCC free zones and financial centers, while regulatory developments—like Ripple’s RLUSD stablecoin approval—underscore the nation’s digital finance momentum AInvest+5AInvest+5Coin Insider+5.
