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Emirates NBD, a government-owned bank in Dubai, has announced the launch of crypto services through its digital banking subsidiary, Liv.
This development marks an important step forward for the adoption of cryptocurrencies in the Middle East and North Africa (MENA) region.
Details of the crypto service by Liv launched by Emirates NBD of Dubai
The platform Liv X, managed by Liv, has introduced cryptocurrency trading services that allow customers to buy, hold, and sell digital assets.
This feature has been made available since March 5 and is provided in collaboration with Aquanow, a licensed provider of crypto asset services.
Initially, Liv X will support five main cryptocurrencies: Bitcoin, Ethereum, Solana, XRP, and Cardano.
To ensure the security of digital assets, Liv has formed a partnership with Zodia Custody, a regulated criptovalute custodian that received a strategic investment from Emirates NBD at the end of 2024.
The United Arab Emirates are establishing themselves as a significant hub for cryptocurrency adoption, thanks to progressive regulations and a growing interest from institutional and retail investors.
A survey conducted by International Financial Group Ltd revealed that one in ten residents in the UAE has invested in digital currencies, with the Emirates showing the highest level of interest.
A report by Chainalysis estimates that between July 2023 and June 2024, the UAE received over 30 billion dollars in cryptocurrency transactions, ranking among the top 40 countries worldwide and as the third largest crypto economy in the MENA region.
Expansion of Liv’s digital services
In addition to cryptocurrencies, Liv is expanding 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 offers up to 1,500 AED per month in rewards.
Ihsan Buhulaiga, former member of the Saudi Shura Council and a well-known economist, has urged the Gulf Arab countries to establish a unified regulatory framework for cryptocurrencies.
In particular, emphasizing the need for a coordinated approach to the increasing use of digital assets as a payment tool.
Despite the rigid position of Saudi Arabia against cryptocurrency transactions, other Gulf nations, such as the United Arab Emirates, have introduced regulatory measures to govern the use of digital assets.
In conclusion, the introduction of cryptocurrency services by Liv represents an important catalyst for the adoption of digital assets in the region. Thus positioning Emirates NBD and the United Arab Emirates as leaders in digital financial innovation.
This development not only expands the options available for investors and consumers but also establishes a significant precedent for other financial institutions in the MENA region.
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