Standard Chartered Bank and Crypto.com Collaborate to Enhance Crypto Accessibility Amid Growing Demand in the UAE
In a significant development for the cryptocurrency landscape in the UAE, residents can now deposit and withdraw UAE dirhams (AED) against their cryptocurrency holdings. This new service is the result of a collaboration between Crypto.com and Standard Chartered Bank, enabling near-real-time processing of deposits and withdrawals in US dollars, euros, and dirhams on the Crypto.com exchange app.
As cryptocurrency adoption continues to grow rapidly in the UAE, this partnership marks a pivotal moment for both retail investors and the broader financial ecosystem. According to Eric Anziani, President and COO of Crypto.com, “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.”
Rola Abu Manneh, CEO of Standard Chartered for UAE, Middle East, and Pakistan, highlighted that this collaboration aligns closely with the UAE’s National Agenda, which emphasizes innovation, economic diversification, and the growth of a knowledge-based economy. “Our partnership with Crypto.com reflects our commitment to supporting the UAE’s vision for a digital future,” she said.
The demand for cryptocurrencies in the UAE has surged, with many residents actively trading digital currencies. The region has also seen some companies adopting e-cash for salary payments, further integrating cryptocurrencies into daily financial operations. Platforms like Binance and BitOasis have already offered facilities for swapping cryptocurrencies to fiat, and the addition of Crypto.com’s services provides more options for users to manage their digital assets seamlessly.
The UAE’s growing enthusiasm for digital currencies is reflected in a recent survey by Henley and Partners, which ranked the country third globally in terms of crypto adoption, surpassing countries like the US, UK, and Australia. The survey noted that the UAE’s low-tax environment, strong government support, and highly digitalized population make it an attractive hub for crypto businesses.
In a landmark ruling earlier this month, a Dubai court approved the payment of salaries in cryptocurrency, provided both employer and employee mutually agree. This decision further underscores the UAE’s progressive stance towards digital currencies.
With the new service, customers across the UAE can now access Crypto.com’s retail products and services via its app, which includes the ability to buy, sell, and trade more than 250 cryptocurrencies. This partnership with Standard Chartered is expected to drive even greater adoption of digital currencies in the UAE, solidifying its position as a global leader in the crypto space.
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