UAE's RAKBANK Debuts First Bank-Supported Cryptocurrency Trading in Local Currency, the Dirham, through Bitpanda
RAKBANK Leads UAE Banks in Direct Crypto Trading via Mobile App
In a groundbreaking move for the United Arab Emirates (UAE) banking sector, RAKBANK has become the first conventional bank in the country to offer direct crypto trading in local currency (AED) through its mobile app. Launched in July 2025, this service allows customers to buy, sell, and swap digital assets such as Bitcoin, XRP, and Ethereum directly from their savings or current accounts, without the need for currency conversions or external exchanges.
Powered by Bitpanda Broker MENA DMCC and regulated by Dubai’s Virtual Assets Regulatory Authority (VARA), the platform ensures compliance and security. This service sets RAKBANK apart from its key competitors, Emirates NBD and First Abu Dhabi Bank, which have yet to integrate similar crypto trading services in their mobile apps.
However, industry analysts anticipate that at least three other large UAE banks may introduce comparable crypto trading services in the near future, reflecting the region’s strong regulatory support and growing interest in blockchain innovation.
RAKBANK plans to expand the crypto service to more customers over the coming months. The early invitation-only rollout of this service is set to expand across UAE retail banking customers, making crypto trading more accessible and convenient for a wider audience. The goal of the crypto service is to provide a simple path into the market, without the barriers or risks that come with unregulated platforms.
The setup avoids the back-and-forth most traders face when moving funds between banks and crypto exchanges. All transactions settle in UAE Dirhams (AED), removing foreign currency fees and external transfers. This development could potentially attract more crypto traders to the UAE banking system.
Bitpanda, the company powering the service, already partners with major financial institutions like Deutsche Bank and N26. The partnership with Bitpanda integrates secure crypto access into RAKBANK’s mobile app, making it easier for customers to trade crypto without leaving the security of their bank.
If the early rollout of the crypto service is successful, it could set a model for other banks in the region. The move signals a major shift in how crypto meets traditional banking in the UAE. Bitpanda runs its regional entity under Dubai's Virtual Assets Regulatory Authority and operates under several European regulators, providing a global compliance backbone for the service.
In summary, while RAKBANK leads now by offering crypto trading directly through a conventional bank app in AED, competitive offerings are expected as UAE banks respond to regulatory encouragement and market interest. The crypto service offered by RAKBANK aims to merge regulated finance with digital assets in a straightforward way, providing a safer and easier access to crypto for its customers.
| Bank | Direct Crypto Trading in AED via Mobile App | Launch Status | Notes | |-----------------------|---------------------------------------------|----------------------------|--------------------------------------------| | RAKBANK | Yes | Launched July 2025 | First conventional UAE bank, invite-only currently, powered by Bitpanda, VARA regulated[1][3] | | Emirates NBD | No | Not yet | No similar service available as of July 2025[4] | | First Abu Dhabi Bank | No | Not yet | No similar service available as of July 2025[4] | | Other large UAE banks| No (yet) | Potential future launches | Analysts expect at least three to follow soon[4] |
- The technology integration by Bitpanda Broker MENA DMCC in RAKBANK's mobile app has revolutionized the banking sector in the UAE, as it now provides banking, finance, and technology services, enabling direct crypto trading in local currency (AED), setting RAKBANK apart from competitors like Emirates NBD and First Abu Dhabi Bank.
- RAKBANK's partnership with Bitpanda, a company that partners with major financial institutions like Deutsche Bank and N26, has facilitated the incorporation of secure crypto access in their mobile app, bridging the gap between traditional banking and the crypto world, and potentially attracting more technology-savvy customers to the UAE banking system.
