UAE MBank offers AED to crypto conversion for Changer.ae crypto custodian

UAE MBank offers AED to crypto conversion for Changer.ae crypto custodian

UAE MBank, Al Maryah Community Bank the first fully integrated digital bank in the UAE, is offering AED secure and regulated AED dirham to crypto conversions and trades, AED Escrow Account Services, executed at UAE regulated Changer.ae platform, a global crypto custodian service provider.

The Central Bank of the United Arab Emirates (CBUAE) has officially approved Mbank to open an AED Escrow Account for Changer.ae. This approval enables secure and compliant holding of AED funds in escrow through Mbank’s digital infrastructure, while the conversion of virtual assets and stablecoins such as USDT and USDC into AED is carried out by Changer.ae.

As per the press release, the service is a significant step toward bridging the gap between traditional finance and the digital asset economy. Mbank provides AED Escrow Account Services to Changer.ae clients allowing them to safely utilize a Dirham escrow account powered by the bank, while all conversions between dirhams and crypto assets are executed by Changer.ae.

Mbank and Changer.ae announcement of the Dirham-based crypto conversion service, including a fully regulated fiat escrow account in AED for crypto transactions, was made during TOKEN2049 Dubai, with Mohammed Wassim Khayata, CEO of Mbank and Board Member of Changer.ae, and Wang Hao, Senior Executive Officer at Changer.ae.

For customers, this means they can confidently and immediately convert their digital assets into local currency within a fully regulated and secure environment, eliminating the uncertainty and delays often associated with fiat, in on-ramp and off-ramp transactions. The service is entirely online, providing fast, transparent, and seamless access to funds, and allows individuals and businesses to manage crypto-to-fiat flows with ease, backed by Mbank’s trusted digital banking platform.


The cooperation between Mbank and Changer.ae enables individuals to exchange supported cryptocurrencies and stablecoins into AED via Changer.ae, with the converted Dirham funds held securely in escrow by Mbank. It also provides businesses with the tools to operate transactions entirely within a regulated, blockchain-enabled system, with real-time access to fiat and crypto balances.


This escrow service supports Crypto to Dirham and Dirham to Crypto conversions executed by Changer.ae, while the customers’ Dirham funds and transactions are fully protected through a comprehensive regulatory compliance and by Mbank’s secure technology infrastructure. Furthermore, this service facilitates fast movement of customer’s AED funds, in and out, within the UAE banking system.


Mr. Mohammed Wassim Khayata, CEO of Mbank and Board Member of Changer.ae, stated, “We are excited to offer this unique service to our customers, providing a seamless way to integrate Dirhams and crypto-related transactions with confidence. By providing AED Escrow Account Services to Changer.ae, we ensure secure and regulated dirham to crypto conversions for Changer clients. This partnership with Changer.ae aligns with our mission to drive innovation in the UAE’s financial ecosystem by offering regulated and secure financial infrastructure. The launch of this escrow account demonstrates the UAE’s commitment to becoming a global crypto hub while maintaining the highest standards of security and regulatory compliance.”


Mr. Wang Hao, Senior Executive Officer at Changer.ae, said, “At Changer.ae, we are thrilled to bring this innovative product to the market in collaboration with Mbank. With the approval from CBUAE, we are enhancing our service offerings by providing a secure, reliable, and convenient way for customers to access crypto services. This product reflects our continued dedication to bridge the gap between traditional finance world and the rapidly growing world.”


Mr. Tarek Soubra, Chief Technology Officer at Mbank noted that the AED escrow account service was an exciting leap forward, as it was developed in house with the highest standards of security, reliability and compliance without relying on third-party crypto custody platform.

He added, “The seamless and straight forward integration between the systems of Mbank and Changer.ae,callow our customers to benefit from a safe, fast, and transparent crypto-to-fiat experience. Customers can now convert their cryptocurrencies into AED through Changer.ae and then use their converted AED funds immediately and seamlessly, with Mbank holding the AED funds in escrow. Alternatively, Mwallet customers can now receive their converted AED funds immediately into their wallets and use them for any supported transactions or for immediate cash withdrawal, using Jaywan ATM card.”

MBank received Payment Token Services approval from UAE Central Bank

Al Maryah Community Bank also received approval from the Central Bank of the UAE to provide Payment Token Services within the country. This new capability allows merchants to open accounts and accept payments through the AEC Wallet, further reinforcing Mbank’s role in supporting a regulated and innovative crypto payments ecosystem in the UAE.

Previously Mbank also launched the first regulated stablecoin AE Coin.

AED Stablecoin beats Tether to it and receives UAE Central Bank in principle approval

AED Stablecoin beats Tether to it and receives UAE Central Bank in principle approval

AED Stablecoin LLC announced that the Central Bank of UAE has provided it with in principle approval to launch and establish its own stablecoin, AE Coin. This comes after the Central Bank of UAE announced the “Payment Token Services Regulation”; Circular No. 2/2024, dated 7 June 2024, to be licensed by the Central Bank of the UAE.

As per the press release, the license will enable AED Stablecoin to be the first-ever entity in the UAE to issue AED Stable Coins, in line with the government’s forward-thinking vision and the UAE’s Digital Government Strategy 2025, AE Coin promises to revolutionize financial services by offering unparalleled stability, security, and efficiency.

AE Coin will utilizes fiat-backed stability and Blockchain technology. Each coin will be backed by the AED Dirham.

The press release adds, that AE Coin enables fast, low-cost transactions, all while operating under the regulatory oversight of the Central Bank of the UAE. It’s the future of a seamless, secure, and innovative digital economy.

Ramez Rafeek, General Manager of AED Stablecoin, stated: “We are very pleased to have received the approval of the Central Bank of the UAE to start issuing AE Coin, in accordance with the “Payment Token Services Regulation” Circular. As the first-ever stablecoin regulated by the Central Bank of the UAE, AE Coin will be revolutionizing the digital currency landscape, providing users with an unparalleled blend of financial freedom, unwavering stability, and top-tier security.”

It offers DeFi Integration by integrating with decentralized finance platforms (DeFi). In addition, it provides Enhanced Security and Transparency. AE Coin’s state-of-the-art blockchain technology ensures multi-layer encryption, meaning every transaction is securely recorded on the blockchain, ensuring trust and security.

Lastly it is adhering to Global Regulatory Compliance, with complete regulatory oversight from the Central Bank of the UAE, AE Coin assures users that it adheres to the highest standards of security and compliance in digital finance.

Companies in the UAE can use AE Coin’s stable and regulated currency for instant payments to other companies in the UAE holding AE Coin wallets, improving cash flow management and reducing transaction costs.

For individuals looking to invest, save, or use digital currency for everyday transactions, AE Coin’s intuitive and secure platform makes it easy for anyone to get started. Individuals using AE Coin will enjoy instant, hassle-free transactions without any delays and fees compared to traditional banking.

As a digital currency, AE Coin is designed to support the UAE’s growing digital economy, enabling easier, more secure payments that contribute to the country’s financial innovation. Lastly, AE Coin is designed to foster economic growth, providing individuals and businesses with new opportunities to thrive in the digital economy.

AE Coin’s strategy focuses on forming strategic partnerships with major financial institutions, payment gateways, and technology providers to ensure widespread adoption. AE Coin’s ambitious roadmap includes integration with decentralized applications (dApps), listings on major exchanges, and ongoing technological advancements.

Tether had also previously announced it was seeking a license to launch its own AED stablecoin.

Bitget crypto exchange users can now buy crypto using UAE dirham

Bitget crypto exchange users can now buy crypto using UAE dirham

Bitget, crypto exchange and Web3 company, has partnered with OnRamp, the leading crypto payment solution provider to allow users the ability to buy crypto using UAE Dirham through bank transfers. With the integration, Bitget users can now buy and sell digital assets using various local currencies. This collaboration brings significant improvements for users interacting with digital assets, enabling seamless conversion between fiat and crypto instantaneously.

Users can buy crypto with NGN, AED, and MXN through bank transfers, and with VND via VietQR. This range of options ensures that users have easy-to-use and reliable methods to convert cryptocurrencies to fiat and vice versa. Bitget caters to users with a diverse set of preferences and finance management requirements, fulfilling their needs with emerging WEB3 products.

Bitget is introducing a zero-fee offer with this integration for all cryptocurrencies. This compliments Bitget’s current in-house zero-fee offer for Bitcoin (BTC) and Ethereum (ETH). The move allows users to buy cryptocurrencies via traditional banking channels through OnRamp without incurring any fees.

“At Bitget we’re constantly improvising our platform’s abilities, including its fiat-to-crypto conversion capabilities. The integration is a step closer to our mission to drive mass adoption of crypto, making it easy for people around the world to trade crypto. By smoothing out the conversion process between crypto and fiat we’re accelerating an inclusive and global financial revolution,” says Gracy Chen, Managing Director at Bitget.

In the UAE CoinMENA also announced its partnership with Network International for crypto onramping.