Crypto trading has taken a major stride in the UAE as RAKBANK (National Bank of Ras Al Khaimah) has become the first traditional UAE bank to offer crypto trading services to retail clients. This powerful move brings virtual assets into mainstream banking, allowing everyday customers to buy and sell cryptocurrencies through their existing RAKBANK mobile app for the first time in UAE conventional banking.
A Breakthrough in Banking
RAKBANK announced it will launch a crypto brokerage service via its mobile banking app for retail customers, positioning itself as the first conventional UAE bank to enable such services. Previously, UAE residents had to rely on third-party exchanges or overseas platforms to fund crypto trades, often incurring high foreign exchange fees, longer processing times, and exposure to foreign jurisdictions.
By partnering with licensed crypto platforms, RAKBANK enables seamless crypto trading within the UAE’s regulated financial system. Initially, the bank had worked with Kraken MENA, licensed by ADGM, to introduce AED‑denominated virtual asset trading via local transfers from any bankof UAE . This new brokerage service builds atop that infrastructure.
What It Means for Retail Clients
- Easy access: Existing RAKBANK app users can now trade crypto directly, without signing up on external exchanges.
- Local funding in AED: Trades are funded via local dirham transfers, eliminating costly FX conversions or delays.
- Regulatory cover: This service operates under Central Bank of UAE and ADGM oversight, providing a regulated interface via a trusted bank channel.
- Security and efficiency: Clients benefit from improved transaction speed, transparency, and lower cost structures compared to earlier routes.
Why It Matters
- Mainstream adoption: Allowing retail clients to trade crypto via a major bank such as RAKBANK marks a shift towards institutional acceptance.
- Leader in innovation: As the first traditional UAE bank to enable retail crypto trading, RAKBANK sets a precedent for the banking industry.
- Growing UAE crypto hub: The UAE aims to become a global virtual asset hub. This move further cements its ambition, supported by ADGM’s regulatory regime and VARA’s regional expansion plans.
Ahmed Jassim Al Zaabi, ADGM chairman, praised the partnership for reinforcing Abu Dhabi’s role as a catalyst for virtual-asset innovation.
Background: RAKBANK’s Early Moves
- In July 2022, RAKBANK partnered with Kraken MENA to enable UAE residents to fund crypto accounts in AED through local transfers from any UAE bank marking the first AED‑denominated crypto trading via a regulated exchange under ADGM.
- In August 2024, it partnered with Bitpanda Technology Solutions to build an in‑app digital asset platform, pending UAE Central Bank and VARA approvals.
What Retail Customers Need to Know
| Feature | Details |
| Availability | Offered through RAKBANK’s mobile banking app |
| Supported users | Retail clients (individual customers) |
| Currency | AED (United Arab Emirates Dirham) |
| Assets | Major cryptocurrencies (e.g. BTC, ETH)—exact assets TBD |
| Regulation | Central Bank of UAE and ADGM regulated |
| Fees & speed | Lower cost, faster transfers within UAE jurisdiction |
Specifics such as supported coins, transaction fees, and trading limits will be disclosed closer to the official launch.
Industry Context
While major global banks like Standard Chartered have begun offering crypto trading to institutional clients recently, none prior in the UAE conventional banking sector had extended crypto trading to retail customers. This move positions RAKBANK uniquely among traditional banks in the region.
Other UAE crypto initiatives include licensed exchanges such as Rain in ADGM and Bahrain, and infrastructure providers like Bitpanda and HashKey expanding regionally with AED on‑ramps. But none had embedded crypto trading directly into a conventional retail banking app.
The launch of crypto trading services via RAKBANK’s app is a watershed moment for crypto adoption in the UAE. As the first UAE bank to integrate retail crypto brokerage services, RAKBANK is bridging traditional banking and digital asset markets making crypto trading easier, faster, and more secure for everyday clients.
This powerful leap reinforces the UAE’s growing status as a global virtual asset hub and sets a benchmark for regional banks to follow.
