UAE residents can now trade crypto in AED through their local bank accounts


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United Arab Emirates residents can now trade virtual assets in AED using their local bank account via a new partnership between the UAE’s Rakbank and digital asset exchanges Kraken MENA.

Currently, crypto investors in the UAE need to use foreign correspondents to fund their trading, Rakbank said in a statement, making them “incur high foreign exchange costs and fees, experience long lead and subject to overseas-jurisdiction asset governance.”

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