Dubai’s government-owned Emirates NBD has ventured into the cryptocurrency market through its digital banking platform, Liv. On March 5, the bank launched cryptocurrency trading services on its Liv X app, allowing users to buy, hold, and sell digital assets. The service is powered by Aquanow, a licensed crypto asset service provider. Initially, the platform supports major cryptocurrencies including Bitcoin, Ethereum, Solana, XRP, and Cardano, with secure custody provided by Zodia Custody, a regulated crypto custodian that has received strategic investment from Emirates NBD.
The UAE is rapidly establishing itself as a significant player in the global cryptocurrency space, driven by forward-thinking regulations and growing interest from both institutional and retail investors. A recent survey revealed that one in ten UAE residents has invested in digital currencies, with Emiratis showing the most interest. Between July 2023 and June 2024, the UAE processed over $30 billion in cryptocurrency transactions, ranking it among the top 40 countries worldwide and making it the third-largest crypto economy in the MENA region.
In addition to cryptocurrency services, Liv offers a variety of digital banking products, such as investment accounts, cashback rewards, and goal-based savings tools. Meanwhile, there is increasing support for a unified cryptocurrency regulatory framework in the Gulf. Saudi economist Ihsan Buhulaiga has called for GCC countries to collaborate on crypto regulations, recognizing the rising use of digital assets for payments. As the UAE continues to solidify its position as a hub for crypto businesses, the region is poised to play a leading role in the future of digital finance.
