UAE’s Mbank Unveils AED-Based Crypto Conversion Service
A Landmark in Secure and Regulated Digital Finance
Al Maryah Community Bank (Mbank), the UAE’s fully integrated digital bank, in collaboration with crypto custodian Changer.ae, has launched a groundbreaking Dirham-based crypto conversion service. This innovative service comes after receiving approval from the UAE Central Bank to establish a fully regulated AED escrow account — a major step in merging traditional finance with the digital asset space.
Escrow-Backed Crypto-to-Fiat Conversions
With this approval, Mbank enables secure and compliant holding of AED funds in escrow, ensuring smooth and regulated conversion of cryptocurrencies such as USDT and USDC into AED through Changer.ae’s platform. This partnership paves the way for a safe and seamless user experience in the growing crypto economy.
Enhancing the UAE’s Position as a Crypto Hub
This initiative reflects the UAE’s progressive stance in becoming a global hub for digital assets, combining cutting-edge innovation with strong regulatory oversight. The newly launched escrow service is designed to meet the highest standards of transparency, safety, and speed in crypto-fiat transactions.
Instant Access and Flexible Usage
Mbank customers can now easily convert crypto to AED and instantly access their funds. Converted Dirhams can either be held securely in escrow or received directly into Mwallets for immediate use. Users can also withdraw cash through Jaywan ATM cards, ensuring flexibility and ease of access.
This strategic move highlights the UAE’s commitment to advancing its digital finance infrastructure, offering both residents and businesses a secure bridge between crypto and traditional currencies.
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