The National Bank of Ras Al Khaimah (RAKBANK) has partnered with Bitpanda Technology Solutions to launch a new digital asset management platform for UAE residents.
The initiative, pending approval from the Central Bank of the UAE (CBUAE), is expected to offer comprehensive digital asset services in the region.
The move aligns with RAKBANK’s efforts to establish itself as a hub for digital innovation, including the creation of the RAK Digital Assets Oasis (RAK DAO), a free-trade zone for crypto and blockchain technologies.
Bitpanda Technology Solutions will simplify RAKBANK’s digital asset needs, avoiding the complexities of in-house development. The collaboration marks Bitpanda’s first agreement in the region and underscores the UAE’s growing acceptance of digital assets, including legal recognition of crypto in employment contracts.
In July, the UAE Central Bank introduced a new regulation on stablecoins, set to take effect in June 2025. According to reports, the regulation restricts the use of major crypto like Bitcoin (BTC) and Ethereum (ETH) for transactional purposes, allowing only dirham-backed stablecoins for payments within the Emirates.
Additionally, the Dubai Court of First Instance has recently confirmed the validity of using cryptocurrency for salary payments as stated in employment contracts, indicating a notable change in the UAE’s judicial stance towards digital currencies.
