Dubai: RAKBank confirmed this week that its mobile app will soon allow individual investors to trade in cryptocurrencies directly using dirhams. The feature, set to launch initially on an invite-only basis, marks a major milestone in bridging traditional banking with the digital asset space.
With a rapidly growing number of UAE-based investors showing interest in Bitcoin, stablecoins, and other digital currencies, banks are increasingly seeing the need to tap into this momentum. The move by RAKBank is expected to trigger a wave of similar offerings from other banks in the region, as competition heats up to meet demand.
Crucially, these trades will be settled in UAE dirhams — offering greater convenience and local integration for crypto-curious investors.
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The rise in crypto activity coincides with international developments like the recent passage of the U.S. Genius Act, a regulatory framework designed to boost confidence in stablecoins. The Act mandates 100% reserve backing with highly liquid assets and monthly disclosures by issuers, leading to increased trust and demand for stablecoins across global markets — including in the UAE and broader GCC.
Meanwhile, Bitcoin continues to hover around the $118,000 mark, struggling to maintain momentum after a failed breakout above $120,000, according to Samer Hasn, Senior Market Analyst at XS.com.
