RAKBANK from the United Arab Emirates has announced the launch of a new service for cryptocurrency trading in partnership with the European platform Bitpanda. With this solution, customers will be able to buy, sell, and exchange digital assets directly from their accounts in UAE dirhams through the bank’s mobile application.
This is reported by Finway
Advantages of the New Service and Regulatory Compliance
The service provides instant access to cryptocurrency trading, eliminating the need for external transfers. The integration with Bitpanda has allowed the bank to comply with local regulatory requirements and ensure a secure infrastructure for all users. Bitpanda, as noted in the press release, holds a license from the UAE’s Virtual Assets Regulatory Authority (VARA), confirming its status as a legal provider of virtual asset services in the country.
Trading Conditions and Market Trends
RAKBANK customers will have access to eight major digital assets with minimal fees and no additional currency conversion costs. This makes the new service attractive to retail investors looking to expand their crypto holdings.
“RAKBANK announced the launch of cryptocurrency trading in partnership with Bitpanda.”
Recent studies indicate a high interest in cryptocurrencies among residents of the UAE. According to a survey conducted by the eToro platform at the end of 2024, 37% of retail investors in the UAE plan to increase their allocation of cryptocurrencies in their investment portfolios. This highlights the growing popularity of digital assets in the region and aligns with the bank’s strategy to implement innovative financial solutions.