RAKBANK and Bitpanda are teaming up to create a top digital asset platform for UAE residents, pending Central Bank approval.
RAKBANK will use Bitpanda’s crypto tech to simplify digital asset management, aiming for a secure and regulated system.
This collaboration supports UAE’s broader crypto goals, including RAK DAO’s push for blockchain and AI innovation.
Bitpanda Technology Solutions and RAKBANK work together to develop the UAE's top digital asset management platform. This collaboration will provide the area with more equitable access to digital resources. The Central Bank of the United Arab Emirates' [CBUAE] permission is still pending.
https://twitter.com/RAKBANKlive/status/1825433652714480073 RAKBANK’s Vision for Digital Asset Management
The collaboration demonstrates RAKBANK's progressive handling of digital assets. The bank's group chief customer officer, Dongjun Choi, stressed the value of digital assets for upcoming financial management.
Choi stated, “We believe digital assets represent one of the future ways for customers to manage their finances more efficiently and securely.” Hence, the bank aims to fill a critical market gap by offering a regulated environment for digital asset transactions.
Moreover, the collaboration allows RAKBANK to leverage Bitpanda’s established crypto infrastructure. As a result, this greatly reduces complexity by removing the requirement for the bank to create an internal digital asset system.
Lukas Enzersdorfer-Konrad, CEO of Bitpanda Technology Solutions, expressed excitement about the collaboration. He reaffirmed the company's support for these goals and commended RAKBANK for its innovative work in the UAE's cryptocurrency industry.
Aligning with UAE’s Broader Crypto Initiatives
Furthermore, the action is in line with the larger plans in Ras Al Khaimah, including the establishment of the RAK Digital Assets Oasis (RAK DAO). This free-trade area is committed to promoting blockchain, artificial intelligence, and cryptocurrency innovation. It is an important step toward incorporating digital assets into UAE mainstream finance.
Additionally, the UAE’s crypto adoption continues to accelerate. Recent advancements include enabling direct crypto transactions through UAE bank accounts and recognizing crypto as a valid form of salary payment. These developments indicate the country’s growing acceptance of digital assets in various financial activities.
Furthermore, the proposed platform is expected to address the market's demand for regulated digital asset management solutions. By providing a secure environment for digital asset transactions, RAKBANK and Bitpanda are poised to meet the needs of UAE residents.
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