Crypto and blockchain businesses in the UAE face significant banking challenges despite the UAE having one of the world’s most progressive virtual asset regulatory frameworks. Here is the state of UAE banking for crypto in 2025.
UAE Crypto Banking Landscape
The UAE is the home of VARA (Dubai’s Virtual Assets Regulatory Authority) and the world’s first comprehensive federal virtual asset framework (Federal Law No. 4 of 2022). Yet most UAE banks still refuse to bank crypto businesses. The contradiction exists because: global banking correspondent networks still classify crypto businesses as high-risk, UAE banks’ US dollar correspondent banks (typically American banks) impose restrictions on serving crypto clients, and the CBUAE has not yet issued definitive guidance directing banks to accept VARA-licensed entities.
Which UAE Banks Accept Crypto Businesses?
Banks that have reportedly accepted VARA/ADGM-licensed crypto businesses: Zand Bank (Dubai’s first fully digital licensed bank — actively targeting crypto/Web3 businesses), Commercial Bank International (CBI), and Bank of Ras Al Khaimah (RAKBANK — on a case-by-case basis for VASP-licensed entities). Major banks that do NOT accept crypto businesses as standard: Emirates NBD, ADCB, FAB, Mashreq, and Standard Chartered UAE. Important: policies change frequently — verify current position directly with the bank’s business development team.
International Banking Alternatives for UAE Crypto Businesses
SEBA Bank (Switzerland, crypto-native, FINMA licensed), Signature Bank (NY) alternatives since its closure, BCB Group (UK, crypto-focused EMI), Wirex Business (UK EMI with crypto rails). For UAE-based crypto businesses: typically use Zand Bank for AED operations + an international crypto-friendly bank for USD/EUR operations.