UAE bank launches cryptocurrency trading

Dubai’s government-owned bank Emirates NBD has entered the cryptocurrency market through its digital banking arm, Liv. The bank has launched cryptocurrency trading services on its Liv X app, allowing users to buy, hold, and sell digital assets. The feature, introduced on 5 March, is powered by Aquanow, a licensed crypto asset service provider. At launch, the platform supports Bitcoin, Ethereum, Solana, XRP, and Cardano, with secure custody managed by Zodia Custody, a regulated crypto custodian which received strategic investment from Emirates NBD.

The UAE continues to emerge as a key player in global cryptocurrency adoption, supported by progressive regulations and rising interest from both institutions and retail investors. A survey found that one in ten UAE residents has invested in digital currencies, with Emiratis showing the highest level of interest. Between July 2023 and June 2024, the country received over $30 billion in cryptocurrency transactions, ranking it among the top 40 nations globally and the third-largest crypto economy in the MENA region.

Beyond cryptocurrency, Liv offers a range of digital banking products, including investment accounts, cashback rewards, and goal-based savings tools. Meanwhile, calls for a unified cryptocurrency regulatory framework in the Gulf are gaining momentum. Saudi economist Ihsan Buhulaiga has urged GCC nations to collaborate on crypto regulations, recognising the growing use of digital assets for payments. With the UAE already positioning itself as a haven for crypto businesses, the region is set to play a leading role in the future of digital finance.

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