Emirates NBD, one of Dubai’s largest public banking groups, has launched cryptocurrency trading services through its digital banking subsidiary Liv. The new offering, available on the Liv X app, allows customers to buy, hold and sell major cryptocurrencies in collaboration with licensed crypto service provider Aquanow and Zodia Custody services.
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Emirates NBD breaks new ground in UAE banking sector
The crypto revolution takes on a new dimension in the United Arab Emirates. Emirates NBD one of the largest banking groups in the region, has just officially launched crypto exchange services on Liv X, its digital subsidiary.
Officially deployed on March 5, this service enables Liv customers in the United Arab Emirates to exchange five major cryptocurrencies, namely Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP and Cardano (ADA).
This initiative comes afterEmirates NBD made a strategic investment in Zodia Custody in late 2024, which now provides custody services for the new crypto offering. The integration enables customers to easily access digital assets via a trusted banking platform, potentially removing barriers to widespread cryptocurrency adoption.
Dubai’s progressive regulatory framework spurs crypto innovation
The introduction of cryptocurrency trading services by Emirates NBD aligns with Dubai’s broader drive to establish itself as a major hub for cryptocurrencies and blockchain technology. Marwan Hadi from Emirates NBD emphasized the bank’s commitment to innovatin in response to the UAE’s cryptocurrency adoption rate being among the highest in the world.
This development follows other important regulatory milestones in Dubai’s crypto landscape. Recently, the Financial Services Authority of Dubai (DFSA) recognized USD Coin (USDC) and EURC as the first stablecoins regulated under its crypto regime, authorizing their use within the Dubai International Financial Center (DIFC). This regulatory approval enables around 7,000 DIFC-based companies to integrate these stablecoins into their digital asset applications for payments, cash management and other financial services.
The UAE’s evolving regulatory framework saw several key developments throughout 2024, including the Central Bank’s approval of a supervisory system for stablecoins in June and Dubai’s adaptation of its cryptocurrency rules covering various assets, including memecoins.
With the UAE boasting one of the world’s highest crypto adoption rates, Emirates NBD’s initiative strategically positions the bank to capitalize on this growing trend while offering customers secure, regulated access to the crypto economy.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
