- Details of the Partnership
- RAKBANK’s Previous Efforts in the Crypto Sphere
- Legal Aspects and Future Development
RAKBANK, a well-established financial institution in the United Arab Emirates (UAE), has announced a new partnership with the Vienna-based cryptocurrency exchange Bitpanda. This collaboration marks Bitpanda’s first significant venture into the Middle Eastern market. The partnership aims to provide UAE residents with a platform to manage their cryptocurrency assets.
Details of the Partnership
RAKBANK and Bitpanda have signed an agreement to offer UAE residents a platform to manage their cryptocurrency assets. The deal is still awaiting formal approval from the Central Bank of the UAE. Once regulatory approval is granted, RAKBANK customers will be able to explore various digital asset use cases, from asset management to payment options.
RAKBANK’s Previous Efforts in the Crypto Sphere
RAKBANK, officially known as the National Bank of Ras Al Khaimah, was founded in 1976. The bank offers a wide range of personal and business services, with a strong focus on innovation and technology. In 2020, RAKBANK collaborated with Bank Asia of Bangladesh to facilitate money transfers using Ripple’s technology. The new collaboration with Bitpanda is a continuation of the bank’s efforts to integrate cryptocurrency solutions.
Legal Aspects and Future Development
A recent court ruling in Dubai recognized cryptocurrency as a valid form of payment in a labor-related case, involving an employer who owed an employee more than 5,000 EcoWatt (EWT) tokens. This strengthens the legitimacy of digital assets as a form of compensation. The partnership between RAKBANK and Bitpanda aims to create a more crypto-friendly environment in the UAE, potentially laying the groundwork for future financial innovations in the region.
The partnership between RAKBANK and Bitpanda marks a significant step towards expanding the use of cryptocurrencies in the UAE. This collaboration is expected to provide new opportunities for UAE residents to engage with the rapidly evolving world of cryptocurrency and serve as a catalyst for further financial innovation in the region.
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