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UAE: Now, deposit or withdraw cryptocurrencies in dirhams through this bank

This comes as crypto demand continues to grow in the country, with many residents trading in digital currencies and some firms even paying salaries in e-cash

Published: Thu 29 Aug 2024, 6:24 PM

Updated: Thu 29 Aug 2024, 9:57 PM

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Photo used for illustrative purposes

Photo used for illustrative purposes

UAE residents can now deposit and withdraw UAE dirhams against cryptocurrencies they are holding.

Crypto.com and Standard Chartered Bank have tied up to enable near-real-time processing of US dollar, euro and UAE dirham deposits and withdrawals on the cryptocurrency exchange app.

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“Being able to offer our global customers effortless fiat deposit and withdrawal capabilities is key to increasing adoption and reaching our vision of crypto in every wallet,” said Eric Anziani, president and COO of Crypto.com.

Rola Abu Manneh, CEO of Standard Chartered for UAE, Middle East and Pakistan, said collaboration with Crypto.com closely aligns with the UAE’s National Agenda which emphasises innovation, economic diversification, and the growth of a knowledge-based economy.

Rola Abu Manneh

Rola Abu Manneh

Currently, some other platforms such as Binance and BitOasis offer facilities to investors to swap cryptocurrencies to fiat.

This comes as demand for cryptocurrencies grows in the UAE, with many residents trading in digital currencies.

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As reported by Khaleej Times on Wednesday, a substantial portion of UAE residents own digital currencies. A survey conducted by Henley and Partners ranked the UAE third globally in terms of crypto adoption, ahead of the US, the UK, Australia, Canada, Switzerland, New Zealand, Austria, Italy and others.

“Public interest is high, with a substantial portion of the population owning cryptocurrencies. This enthusiasm is matched by strong government support and a thriving start-up scene. This low-tax jurisdiction offers an attractive environment for crypto businesses, further bolstered by a highly digitalised and wealthy population,” it said.

Earlier this month, a Dubai court in a landmark verdict also approved payment of salaries in cryptocurrency if both employer and employee mutually agreed.

Customers across the UAE can now access Crypto.com’s retail products and services via its app, including the ability to buy, sell and trade more than 250 cryptocurrencies.

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