Emirates NBD Officially Launches Cryptocurrency Trading Service – Dubai Steps Up In Digital Asset Race

Big Steps In Dubai Financial System

The entry of a government-owned bank like Emirates NBD into the cryptocurrency market shows Dubai’s growing openness to digital assets. Liv X , a subsidiary of Emirates NBD’s digital bank Liv, will offer cryptocurrency trading services with the support of Aquanow , a digital asset platform licensed by the Dubai Virtual Assets Authority (VARA) .

To ensure the highest level of security, Emirates NBD’s digital asset custody service will be handled by Zodia Custody, a subsidiary of Standard Chartered . This enhances customer confidence in trading and holding digital assets on the bank’s system.

Strategy to Boost Cryptocurrency Adoption in the UAE

According to Marwan Hadi , Head of Retail and Wealth Management at Emirates NBD:
"The UAE has the highest rate of cryptocurrency adoption in the region, and we want to capitalize on this trend to launch our own digital asset service."

This is in line with the policies of Dubai and the UAE , where the authorities are constantly promoting financial innovation by creating a favorable regulatory environment for blockchain and cryptocurrency companies. The establishment of the Dubai Virtual Assets Authority (VARA) in 2022 has laid the foundation for the strong growth of this industry in the Middle East.

Traditional Banks Are Racing to Cryptocurrencies

Not only Emirates NBD , many major banks around the world are also expanding digital asset services to meet the growing needs of customers:

• Intesa Sanpaolo , Italy's largest bank, has made its first Bitcoin purchase.

• Switzerland's PostFinance AG to allow customers to stake Ethereum (ETH) from January 2025.

• ZA Bank , Hong Kong's largest digital bank, pioneers cryptocurrency trading support in Asia.

• BPCE Groupe , France's second largest bank, has launched a cryptocurrency investment service.

• Citi and State Street , two major US financial institutions, have entered the digital asset custody space .

This trend shows that cryptocurrencies are no longer a separate field but are becoming an important part of the global financial system .

Impact on Crypto Market

Emirates NBD’s decision to launch a cryptocurrency trading service comes at a time of market volatility. In particular, after Bitcoin surpassed the $100,000 mark , reaching an ATH of $109,588 on January 20 , financial institutions have stepped up their activities in this area.

However, the market also saw volatility due to former President Donald Trump's remarks on the US Bitcoin reserve strategy . Despite short-term fluctuations, the trend of integrating cryptocurrencies into the traditional financial system is still going strong.

Dubai – The Digital Asset Hub of the Future?

Emirates NBD’s official entry into the cryptocurrency market is a major step not only for the bank, but also for Dubai and the UAE as a whole . With government backing and an increasingly mature legal infrastructure, Dubai could soon become one of the world’s largest digital asset hubs .

This event could prompt many other traditional banks globally to quickly roll out cryptocurrency services, contributing to the wave of crypto adoption in the mainstream financial industry .