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Ruholamin Haqshanas
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Ruholamin Haqshanas
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Emirates NBD, a government-owned bank in Dubai, is entering the cryptocurrency market through its digital banking subsidiary, Liv.
Liv has officially introduced cryptocurrency trading services via its Liv X app, allowing customers to buy, hold, and sell digital assets, the firm said in a press release shared with Cryptonews.com.
The feature, which became available on March 5, is powered by Aquanow, a licensed crypto asset service provider.
Liv X Platform to Support Five Cryptos at Launch
Initially, the platform will support five major cryptocurrencies, including Bitcoin, Ethereum, Solana, XRP, and Cardano.
To ensure the security of digital assets, Liv has partnered with Zodia Custody, a regulated cryptocurrency custodian that received a strategic investment from Emirates NBD in late 2024.
The UAE has emerged as a significant hub for cryptocurrency adoption, driven by progressive regulations and increasing institutional and retail investor interest.
A survey conducted by the International Financial Group Ltd found that one in ten UAE residents has invested in digital currencies, with Emiratis displaying the highest level of interest.
Furthermore, a report by Chainalysis estimates that between July 2023 and June 2024, the UAE received over $30 billion in cryptocurrency transactions, placing it among the top 40 countries globally and making it the third-largest crypto economy in the MENA region.
“With the highest crypto adoption rate in the UAE, we are keen to launch our own virtual asset offering to capitalise on this trend,” Marwan Hadi, Group Head of Retail Banking and Wealth Management at Emirates NBD, said.
Beyond cryptocurrency, Liv continues to expand its range of digital banking services.
The platform offers innovative financial products such as Money Ahead Deposits, Goal Accounts, Digital Gold Investment Accounts, and a Cashback Card that provides up to AED 1,500 per month in rewards.
“Incumbent institutions like Emirates NBD will play a pivotal role in driving the next wave of digital asset adoption and Aquanow is proud to be the leading crypto provider chosen by financial institutions both here in the GCC and globally,” Phil Sham, Chief Executive Officer of Aquanow, said.
Saudi Economist Urges Gulf States to Develop Unified Crypto Payment Regulations
Last month, Ihsan Buhulaiga, a former member of the Saudi Shura Council and a noted economist, called for Gulf Arab states to establish a unified regulatory framework for cryptocurrencies, arguing that the region needs a coordinated approach to the growing use of digital assets as a payment tool.
He urged GCC countries, which include Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain, and Oman, to collaborate on crypto regulations.
Despite Saudi Arabia’s strict stance against cryptocurrency transactions, other Gulf nations, such as the United Arab Emirates (UAE), have introduced regulatory measures to govern digital asset usage.
As reported, the UAE is poised to become a key destination for crypto and stablecoin ventures seeking refuge from the European Union’s (EU) newly implemented Markets in Crypto-Assets (MiCA) regulation.
