The new service combines everyday banking with access to virtual assets, allowing customers to access Bitcoin through Rakbank Islamic while transacting directly from their current or savings accounts in UAE dirhams

The cryptocurrency exchange says it has secured a US court order freezing stolen assets as it pursues North Korea over the record-breaking 2025 attack

The developments also reinforce the UAE’s growing position as a global centre for blockchain innovation, digital assets and real-world asset (RWA) tokenisation

Fintech giant receives in-principle approval from Dubai’s VARA to provide regulated virtual asset services, marking another step in its expansion in the UAE

Artificial intelligence will drive financial decisions while tokenisation provides the programmable infrastructure for autonomous, compliant markets, says Tajinder Virk of Finvasia Group and Blockmaze

The regulator said the milestone reflects more than the number of licensed firms, highlighting Dubai’s growing appeal as a destination for regulated virtual asset businesses

The solution operates under the UAE’s Client Money Account framework and is designed to provide enhanced safeguards for user funds through regulated financial controls

The stablecoin will be called ‘GEL₮’

The development strengthens the UAE’s position as a hub for regulated digital asset infrastructure and financial innovation, as governments and institutions increasingly explore blockchain-based settlement systems

UAE residents will be able to pay government fees using virtual assets, with all settlements conducted in UAE dirhams or CBUAE-approved dirham-backed stablecoins through the SVF framework