Agencies-Gaza post
UAE Bank to allow cryptocurrency trading in dirhams
A bank in the UAE will soon allow its customers to trade cryptocurrencies using Emirati currency.
RAKBANK announced a deal with Kraken on July 18 that will allow UAE residents to trade digital assets using a local Emirati bank account and dirhams. The move will allow people in the Gulf state to avoid relying on foreign bank accounts and related exchange costs, the bank said in a press release.
RAKBANK is an online bank based in Dubai. Kraken is an American cryptocurrency exchange.
The bank did not specify when exactly the trading function would become available.
Because matter: The cryptocurrency is growing in the UAE and across the region. Kraken announced its move to Abu Dhabi in April following similar announcements from Bybit and Crypto.com.
The CEO of the Bahrain-based crypto platform CoinMENA told the news Zavia today that demographics are driving cryptocurrency growth in the Middle East.
“The MENA region has one of the youngest demographics in the world, which makes them more likely to rapidly adopt new technologies,” Talal Tabbaa said in the interview, referring to the Middle East and North Africa.
Tabbaa added that the Bank of Bahrain which issued digital asset trading licenses and the launch of the UAE Virtual Assets Regulator have helped lay the foundation for cryptocurrency growth.
“This regulatory clarity is critical for founders and investors looking to gain exposure to this emerging asset class,” he said.
