UAE residents can now easily deposit and withdraw UAE dirhams against cryptocurrencies they are holding, thanks to a new partnership between Crypto.com and Standard Chartered Bank. This collaboration enables near-real-time processing of US dollar, euro, and UAE dirham deposits and withdrawals on the Crypto.com exchange app. The goal is to provide global customers with effortless fiat deposit and withdrawal capabilities to increase adoption and make crypto more accessible to all. Rola Abu Manneh, CEO of Standard Chartered for UAE, Middle East, and Pakistan, emphasized that this partnership aligns with the UAE’s National Agenda, which focuses on innovation, economic diversification, and growth in a knowledge-based economy.
The demand for cryptocurrencies in the UAE is on the rise, with many residents actively trading in digital currencies. Platforms like Binance and BitOasis already offer facilities for investors to swap cryptocurrencies to fiat. A survey conducted by Henley and Partners ranked the UAE third globally in terms of crypto adoption, ahead of countries like the US, the UK, Australia, and more. The enthusiasm for cryptocurrencies in the UAE is supported by strong government backing and a thriving start-up scene in a low-tax jurisdiction.
In a landmark verdict, a Dubai court recently approved the payment of salaries in cryptocurrency if both the employer and employee agree. This further demonstrates the growing acceptance and integration of digital currencies into everyday life in the UAE. Customers across the UAE can now access Crypto.com’s retail products and services through its app, allowing them to buy, sell, and trade over 250 cryptocurrencies. This move reflects the increasing popularity and accessibility of cryptocurrencies in the region.
As the interest in cryptocurrencies continues to grow in the UAE, partnerships like the one between Crypto.com and Standard Chartered Bank play a crucial role in supporting the adoption and integration of digital assets into the mainstream financial landscape. With more platforms and services available for residents to deposit and withdraw fiat against cryptocurrencies, the market is becoming more accessible to a wider audience. This collaboration reflects the commitment of both companies to provide innovative solutions and meet the evolving needs of consumers in the ever-changing crypto market.
Overall, the UAE’s progressive approach towards cryptocurrencies, along with government support and a tech-savvy population, positions the country as a key player in the global crypto market. The growing interest and adoption of digital currencies in the region indicate a promising future for the crypto industry in the UAE. With more partnerships and initiatives like the one between Crypto.com and Standard Chartered Bank, the integration of cryptocurrencies into mainstream financial services is expected to continue expanding, driving further growth and innovation in the sector.
