Direct Crypto Access Through AED Accounts

With this integration, RAKBANK customers can now trade eight major digital assets, including Bitcoin and Ethereum, using their existing AED accounts. There’s no need for external platforms or complex transfers. The transactions are processed through Bitpanda Broker MENA DMCC — a licensed entity operating out of Dubai — ensuring regulatory compliance and operational transparency.

UAE’s Digital Ambitions Gain Momentum

This move is aligned with the UAE’s broader vision of becoming a global fintech hub. By embracing Bitpanda’s robust trading infrastructure, RAKBANK steps beyond traditional banking to offer clients exposure to the world of crypto investing — with a particular emphasis on competitive trading fees that appeal to retail users.

Strategic Collaboration Over In-House Development

Rather than building its own solution, RAKBANK chose to leverage Bitpanda’s proven systems — a decision that not only reduces deployment time but also cuts operational costs. This plug-and-play approach reflects the UAE’s regulatory sandbox environment, which encourages innovation while maintaining strong oversight.

A Trailblazer in the MENA Region

RAKBANK’s initiative could give it a crucial first-mover advantage across the Middle East and North Africa (MENA). Supported by regulatory bodies like Dubai’s Virtual Assets Regulatory Authority (VARA), this move may inspire other regional banks to accelerate their entry into altcoin and blockchain-based financial services.

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In a statement, Aqua 1 said that its acquisition of $WLFI tokens aims to accelerate the development of a blockchain-based financial ecosystem built around stablecoins and tokenized traditional assets.

WLFI Token: Non-Transferable, but Offers Voting Rights

The $WLFI token is currently defined as a governance token. It cannot yet be traded on open markets, but holders are given the right to vote on proposed changes to the project’s underlying codebase. World Liberty confirmed it is “actively working” to make the token transferable in the near future.

Dave Lee, founding partner of Aqua 1, stated that WLFI and Aqua 1 will collaborate to identify and support high-potential blockchain projects. The foundation also revealed that its investment and compliance teams will support World Liberty’s expansion into South America, Europe, and Asia.

Limited Online Footprint for Aqua 1

Despite its high-profile investment, Aqua 1 has a minimal online presence. Its X (formerly Twitter) account has just three posts and about 1,120 followers. Domain data also shows that the foundation’s website was only registered on May 28.

New Fund to Launch in the Middle East

World Liberty has further plans to support the launch of a new Aqua 1 fund focused on accelerating digital economy transformation across the Middle East, leveraging both blockchain and artificial intelligence technologies.

While Aqua 1 did not respond to media inquiries, a World Liberty spokesperson also declined to offer additional comment.

WLFI: A Major Revenue Stream for the Trump Family

World Liberty was launched just two months before the 2024 U.S. presidential election, and has since generated hundreds of millions of dollars in revenue for the Trump family’s business interests. However, the platform has faced criticism from Democratic lawmakers and ethics watchdogs due to perceived conflicts of interest.

The Trump Organization maintains that the president’s assets and business operations are held in a trust managed by his children.

USD1 Stablecoin and Binance Partnership

World Liberty’s broader mission is to expand access to financial services via digital tokens, removing the need for intermediaries such as banks. As part of this vision, it developed the USD1 stablecoin, which gained momentum in May when an Abu Dhabi-based investment firm selected it for a $2 billion investment into major crypto exchange Binance.

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This move aims to make cryptocurrencies more accessible, especially for investors in the Middle East and North Africa (MENA) region. Tether’s CEO, Paolo Ardoino, stated that the launch of the dirham-pegged stablecoin will allow users in the region to more easily access digital assets using their local currency. Additionally, the development of this stablecoin on the TON blockchain will offer significant advantages in terms of transaction speeds and security.

Might interest you: Could a Trump Victory Energize the Crypto Markets?

Steve Yun, the President of the TON Foundation, expressed that this partnership has the potential to attract more users to the TON network and could enhance TON’s strength within the global crypto ecosystem.

UAE Approves Licensing System for Stablecoins

The United Arab Emirates (UAE) has approved the establishment of an official licensing system for stablecoins. This new regulation aims to strengthen the regulatory framework in the cryptocurrency sector and increase the use of digital assets in the local economy.

The UAE Central Bank announced the launch of a new licensing process to clarify the legal status of stablecoins and oversee activities in this area. This system will help ensure that companies issuing stablecoins comply with certain standards, thereby protecting investors.

Regulatory authorities plan to implement various measures to mitigate the potential risks of stablecoins and enhance transparency in the sector. Additionally, this licensing system will support the UAE’s goal of becoming a global hub for cryptocurrency and blockchain technologies.

In recent years, the UAE has taken significant steps in the blockchain and cryptocurrency space, working to strengthen its leadership position in the region. This new licensing system will provide greater assurance for stablecoin projects in the country, creating an attractive environment for both local and international investors.

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Key Changes Announced

According to the statement, the new VAT exemptions were announced on October 2, 2024, and will be retroactively applied from January 1, 2018. This means that businesses dealing in virtual assets will be able to reclaim VAT that they paid previously.

Implementation Details

– The changes will come into effect following the Cabinet Decision No. 100 of 2024 and are part of broader amendments to the Executive Regulation of the Federal Decree-Law No. 8 of 2017.

– The new rules are set to become operational on November 15, 2024, aiming to enhance clarity regarding VAT treatment for various services involving digital assets.

Advice for Businesses

The FTA has advised businesses in the virtual asset sector to carefully analyze the impact of VAT exemptions on their operations. Companies will need to voluntarily declare any adjustments needed for past VAT refunds.

This decision is expected to significantly benefit the UAE’s cryptocurrency sector, promoting growth and innovation while providing businesses with a more favorable regulatory environment.

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