Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) and Kraken MENA (Kraken), a digital asset exchange, will launch the UAE's first AED-denominated virtual asset trading through local bank accounts.
As regulated by the Central Bank of UAE (CBUAE), RAKBANK will enable Kraken's UAE-based clients to fund their crypto accounts through local transfers from any bank in the country, according to a press release on Monday.
Kraken was the first global exchange to have received a full license to operate a regulated virtual asset exchange platform in the Abu Dhabi Global Market (ADGM).
The CEO of RAKBANK, Raheel Ahmed, said: "With this breakthrough solution, Kraken’s UAE-based investors will be able to transact in virtual assets transparently and efficiently through an ADGM-regulated crypto exchange that has the ability to convert between AED and crypto through UAE Central Bank-regulated banking channels."
Meanwhile, the Managing Director for Kraken MENA, Benjamin Ampen, commented: "Investors in the UAE will soon be able to directly participate and invest in the crypto market. Our solution is safer, more secure, more efficient, and reduces costs."
