UAE has once again proven to be a crypto-friendly country as Emirates NBD’s digital banking arm, Liv, introduces cryptocurrency trading within its Liv X mobile app. With this move, Liv customers can now buy, sell, and trade cryptocurrencies directly through their banking app.

According to the press release, this development stems from a collaboration between Liv and Aquanow, a VARA-licensed virtual asset provider.

At the same time, Zodia Custody, backed by Emirates NBD since late 2024, will provide digital asset custody services. The move comes at a time when crypto adoption in the UAE is soaring, fueled by both regulatory support and increased retail and institutional interest.

Cryptocurrency activity in the UAE has been accelerating. A recent survey indicates that one in ten UAE residents now invests in digital currencies, with Emiratis leading the trend. Between July 2023 and June 2024, the UAE saw over $30 billion in crypto transactions, ranking it among the top 40 nations globally and making it the third-largest crypto economy in MENA.

Marwan Hadi, Group Head of Retail Banking and Wealth Management at Emirates NBD, emphasized the bank’s motivation behind the move:

"With the highest crypto adoption rate in the UAE, we are keen to launch our own virtual asset offering to capitalize on this trend."

The decision signals a growing recognition among banks that digital assets are no longer a niche investment but an evolving part of the financial system.

Phil Sham, CEO of Aquanow, highlighted how this collaboration aligns with the UAE’s growing role in global crypto finance:

"Our partnership with Emirates NBD is a testament to the UAE’s emergence as a global crypto hub. It showcases how banks and fintechs can work together to create secure and seamless products that truly benefit retail customers."

While Liv X's crypto integration is significant, it's not the first such initiative in the region. Crypto.com and Standard Chartered Bank partnered in August 2024 to facilitate dirham-based crypto transactions, signaling a broader shift toward digital asset adoption in mainstream finance.