UAE’s RAKBANK teams up with Bitpanda on digital asset platform for residents

RAKBANK partners with Bitpanda to create a regulated digital asset management platform for UAE residents.
RAKBANK partners with Bitpanda to create a regulated digital asset management platform for UAE residents.

The National Bank of Ras Al Khaimah (RAKBANK) — a government-owned bank in the United Arab Emirates (UAE) — has partnered with crypto infrastructure provider Bitpanda Technology Solutions to create a digital asset management platform for UAE residents. 

In an announcement sent to Cointelegraph, RAKBANK expressed its positive stance on digital assets, describing it as the “future.” RAKBANK’s group chief customer officer Dongjun Choi said: 

“We believe digital assets represent one of the future ways for customers to manage their finances more efficiently and securely.”

While the partnership is already announced, the team also clarified that the platform is still subject to the approval of the Central Bank of the United Arab Emirates (CBUAE). 

Filling a “gap” in the market

Choi also said the partnership aims to “fill the gap in the market.” The executive believes there’s a need for a regulated banking platform dealing with digital assets and that it aims to provide customers with broader digital asset opportunities. 

With the partnership, the bank will not need to develop an in-house infrastructure for digital assets. 

Bitpanda Technology Solutions CEO Lukas Enzersdorfer-Konrad said the company wants to support RAKBANK’s ambitions, as it has a long history of pioneering crypto innovation in the UAE. 

In February 2023, Ras Al Khaimah (RAK) — one of the seven emirates in the UAE — announced its plans to create a dedicated free-trade zone for digital assets in the country. Free-trade zones are areas where business owners can have 100% of their companies enjoy different tax schemes and regulatory frameworks. 

In October 2023, RAK ruler Sheikh Saud bin Saqr Al Qasimi inaugurated the launch of the RAK Digital Assets Oasis (RAK DAO), the UAE’s economic free zone focusing on crypto Web3, blockchain and artificial intelligence.

Related: Taurus enhances Zand Bank’s crypto, tokenization services in UAE

Crypto adoption continues in the UAE

On July 31, UAE-based exchange M2 announced an integration allowing the country’s residents to buy and sell Bitcoin (BTC) and Ether (ETH) directly with their UAE bank accounts. The team told Cointelegraph that this boosts the accessibility of crypto in the region. 

Meanwhile, a Dubai court recently recognized crypto as a valid form of salary payment. On Aug. 16, UAE lawyer Irina Heaver told Cointelegraph that the ruling shows the country’s growing acceptance of crypto in employment contracts. 


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