UAE’s Mbank and Changer.ae Launch Crypto Conversion Service
Mbank and Changer.ae launch Dirham-based crypto conversion service.UAE’s central bank approval strengthens secure AED-to-crypto conversions.
Al Maryah Community Bank (Mbank), a leading integrated digital bank in the United Arab Emirates (UAE), has partnered with crypto custodian Changer.ae to launch a Dirham-based crypto conversion service. This new service follows the approval from the UAE Central Bank, allowing Mbank to open an AED Escrow Account. This move signifies a significant milestone in the UAE’s evolving cryptocurrency landscape, positioning it as a forward-thinking financial hub.
Mbank’s Central Bank Approval Boosts Secure AED to Crypto Conversions
With the central bank’s approval, Mbank can now offer secure and compliant holding of AED funds in escrow, utilizing its advanced digital infrastructure. The platform enables users to convert virtual assets and stablecoins like USDT and USDC into AED through Changer.ae. Mohammed Wassim Khayata, CEO of Mbank and a board member of Changer.ae, praised the collaboration, emphasizing its role in ensuring secure crypto transactions within the UAE’s regulated financial ecosystem.
