Cryptocurrency is coming to traditional banking in the UAE.
As per crypto news today, the National Bank of Ras Al Khaimah (RAKBANK), a government-owned financial institution in the UAE, has teamed up with Bitpanda Technology Solutions to launch a digital asset management platform tailored for UAE residents.
In a statement, RAKBANK highlighted its enthusiasm for digital assets, calling them the “future” of finance. According to Dongjun Choi, RAKBANK’s Group Chief Customer Officer:
We believe digital assets represent one of the future ways for customers to manage their finances more efficiently and securely.”
While the partnership has been announced, the platform is still pending approval from the Central Bank of the United Arab Emirates (CBUAE). Choi emphasized that this collaboration aims to address a market gap by creating a regulated banking platform for digital assets.
Through this partnership, RAKBANK can leverage Bitpanda’s infrastructure, eliminating the need to build its own.
Lukas Enzersdorfer-Konrad, CEO of Bitpanda Technology Solutions, expressed support for RAKBANK’s vision, noting the bank’s pioneering role in crypto innovation within the UAE.
Moreover, This move aligns with broader trends in Ras Al Khaimah (RAK). In February 2023, the emirate announced plans to establish a free-trade zone dedicated to digital assets, where business owners can benefit from favorable tax regimes and regulatory frameworks.
By October 2023, RAK’s ruler Sheikh Saud bin Saqr Al Qasimi launched the RAK Digital Assets Oasis (RAK DAO), an economic free zone focused on crypto, Web3, blockchain, and artificial intelligence.
In trending crypto news, the UAE’s crypto landscape continues to evolve. On July 31, UAE-based exchange M2 integrated a service allowing residents to buy and sell Bitcoin and Ether directly through their UAE bank accounts.
