In a surprising development, Emirates NBD bank, owned by the Dubai government, is making its footsteps in the crypto market. The Dubai government-owned bank has taken the initiative to offer crypto services via its digital bank subsidiary Liv.
Through its subsidiary Liv, customers can now buy, hold, and sell digital assets directly on the Liv X app, thanks to a partnership with Aquanow, a licensed crypto service provider.
According to a recent Bloomberg report, Dubai’s Emirates NBD bank offers crypto trading services. Aligning with the city’s crypto-focused endeavors, the government-owned bank has begun providing crypto trading services to clients on March 5, 2025.
Notably, Dubai Emirates NBD bank collaborates with licensed crypto service provider Aquanow to offer crypto services via its branch Liv. Additionally, Liv’s crypto services include custody solutions provided by Zodia Custody, which received a strategic investment from Emirates NBD in late 2024.
Significantly, Emirates NBD’s groundbreaking decision to embrace crypto highlights the United Arab Emirates broader focus of digital assets. Aquanow CEO Phil Sham stated, “The launch of this offering with Emirates NBD marks a defining moment for digital assets in the UAE and beyond.”
In addition, this development underscores the potential growth of mainstream adoption. Emirates NBD’s collaboration with Aquanow also showcases the coexistence of traditional banks and crypto.
Moreover, Marwan Hadi, Head of Retail Banking at Emirates NBD, emphasized the group’s dedication to innovation, citing the growing demand for cryptocurrencies in the UAE. He added,
Offering cryptocurrency on Liv X is the next step toward the overall vision of Liv being a pioneer in innovation and excellence. With the highest crypto adoption rate in the UAE, we are keen to launch our own virtual asset offering to capitalize on this trend.
Notably, this development comes following the Bank of America’s statement on the potential launch of stablecoin offering. BoA CEO Brian Moynihan stated that the bank may start offering stablecoins upon receiving regulatory approval.
Dubai has been actively working to position itself as a leading global cryptocurrency hub. The city’s status as a Middle Eastern business hub has solidified its position as the region’s top cryptocurrency hub. Emirates NBD bank’s recent decision to offer crypto services is an example for Dubai’s crypto-focused approach.
This growth is in line with the UAE’s Vision 2030, aiming to reduce dependence on oil, foster technological innovation, and become a global digital economy leader. The country’s forward-thinking policies, favorable business environment, and targeted investments are driving this strategic transformation.
For instance, its latest development of Crypto Tower reflects the city’s vision. The Crypto Tower will feature blockchain-integrated systems, enabling seamless and secure interactions and transactions for its tenants.
Similar to Dubai, Hong Kong is another city that aspires to become a global lead in the crypto industry. Recently, Hong Kong legislator Johnny Ng pinpointed the need to speed up the city’s strategic Bitcoin reserve plan.
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