UAE residents now have the option to deposit and withdraw UAE dirhams against their cryptocurrencies. Crypto.com and Standard Chartered Bank have partnered to facilitate near-real-time processing of US dollar, euro, and UAE dirham deposits and withdrawals on the cryptocurrency exchange app.
Eric Anziani, president and COO of Crypto.com, highlighted the importance of seamless fiat deposit and withdrawal capabilities for global customers, stating it is crucial for boosting adoption and achieving their vision of having crypto in every wallet. Rola Abu Manneh, CEO of Standard Chartered for UAE, Middle East, and Pakistan, noted that the collaboration with Crypto.com aligns well with the UAE’s National Agenda, which prioritizes innovation, economic diversification, and the development of a knowledge-based economy.
Currently, other platforms like Binance and BitOasis also offer investors the ability to exchange cryptocurrencies for fiat. This development coincides with the rising demand for cryptocurrencies in the UAE, where many residents are actively trading in digital currencies. According to a survey by Henley and Partners, the UAE ranks third globally in crypto adoption, ahead of several developed countries.
The public's interest in cryptocurrencies is substantial, with a significant portion of the population owning digital currencies. This interest is supported by strong government backing and a vibrant start-up ecosystem. The UAE's low-tax environment, coupled with a highly digitalized and affluent population, makes it an attractive destination for crypto businesses. Additionally, a recent landmark verdict by a Dubai court allowed for salary payments in cryptocurrency, provided both employer and employee agreed.
Residents across the UAE can now utilize Crypto.com’s retail products and services through its app, which includes the capability to buy, sell, and trade over 250 cryptocurrencies.
