Press Release - RAKBANK
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RAKBANK will become the first UAE bank to enable Kraken to offer transparent, efficient, dirham-based digital asset trading to their customers, as the UAE takes strides to achieve its vision of becoming a global virtual asset hub.
Abu Dhabi, July 18, 2022 – In line with its commitment to “Simply Better” banking and innovation, RAKBANK and Kraken MENA (Kraken), one of the world’s largest digital asset exchanges, have today announced UAE residents will soon be able to trade virtual assets in AED using their local bank account. As regulated by the Central Bank of UAE, RAKBANK will enable Kraken, which is licensed by Abu Dhabi Global Market (ADGM), to have their UAE-based clients fund their crypto account through local fund transfers from any bank in the UAE. 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).
Currently, UAE residents who trade virtual assets must use banks or foreign correspondents outside the UAE to fund their trading. As a result, they incur high foreign exchange costs and fees, experience long lead times (more than 24 hours) and are subject to overseas-jurisdiction asset governance. Through this innovative solution, UAE residents will be able to fund their account faster and at lesser costs, all while remaining within the UAE’s jurisdiction.
“We are proud to be the first UAE bank to enable Kraken, so that it can offer this solution to its UAE-resident crypto investors. This is another step towards our goal of making banking simpler and easier through innovation,” said Raheel Ahmed, Chief Executive Officer of RAKBANK. “The UAE is emerging as a global hub for the crypto and virtual assets industry. 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.”
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It will be interesting to see if they implement some Crypto Purchase possibility in the Personal Account Mobile App or if they just become the Bank Correspondence / Liquidity Provider of the AED/BTC Pair. on Kraken
Dubai is the Offshore Place to be in 2022 - no matter what - we don't see any other classic Offshore Tax Heaven with such developments - Interesting Times ahead.
