How to Open an Online Crypto Bank Account in Dubai?11 min read

How to Open an Online Crypto Bank Account in Dubai?11 min read

With the growing popularity of cryptocurrencies like Bitcoin and Ethereum, more people are looking for ways to store, trade and use their crypto assets. One easy way is through opening a crypto bank account. 

As one of the world’s largest crypto hubs, Dubai offers a crypto-friendly environment for both businesses and individuals looking to get into the crypto space. 

This article will guide you on how to open an online crypto bank account in Dubai.

Is it Legal to Open a Crypto Bank Account in Dubai?

Opening a crypto bank account in Dubai is completely legal. The UAE government has taken a very progressive stance towards cryptocurrencies and blockchain technology. 

Dubai, in particular, has introduced several crypto-friendly regulations to attract more crypto investors, entrepreneurs and companies.

Some key points regarding crypto legality in Dubai:

• Cryptocurrencies are recognized as virtual assets and trading them is allowed through licensed cryptocurrency exchanges.
• Businesses can apply for a license from Dubai’s Virtual Asset Regulatory Authority (VARA) to legally trade, exchange and hold digital currencies.
• Banks are now permitted to open crypto accounts for businesses and high-net-worth individuals.

So as long as you go through the proper channels like a licensed bank or exchange, opening and using a crypto bank account in Dubai is perfectly lawful. 

The government wants to make Dubai a global hub for crypto, so the regulations are designed to facilitate mainstream crypto adoption.

What Documents are Required to Open a Crypto Bank Account in Dubai?

When opening a crypto bank account in Dubai, you’ll need to submit the following standard Know-Your-Customer (KYC) documents:

• Valid passport or government-issued photo ID
• Proof of residency like a rental agreement or utility bill
• Recent salary certificate or bank statement
• Proof of crypto holdings like transaction records

Depending on the bank, they may also require additional documents for account verification like a trade license, business registration, reference letters etc. Ensure you have colored digital copies of all relevant KYCs ready to smoothly complete the application process.

It’s also a good idea to check the specific requirements on the crypto bank’s website beforehand. Some banks have additional policies for high net-worth clients or those with large crypto balances. 

Document preparations save a lot of back-and-forth during account opening.

Can Non-Residents Open a Crypto Bank Account in Dubai?

Not all banks allow non-residents to open a crypto account in Dubai. However, Dubai-based The Kingdom Bank is one of the few that cater to international clients as well. 

We offer two types of crypto banking services for non-UAE residents:

• Offshore Bank Account: Ideal for digital nomads, world citizens and remote workers without a Dubai residency. Account opening is straightforward through video KYC.
• International Bank Account: For long-term expats in Dubai with a valid residency visa. More traditional in-person KYC but offers local bank transfers and card services.

With The Kingdom Bank, qualified non-residents can enjoy the same crypto banking features as residents including large crypto holdings, multi-currency wallets and 24/7 trading support. 

Opening an account just requires basic KYC and valid offshore address proofs – no need to rent an office or set up a company in Dubai.

What are the Advantages of a Crypto Account in Dubai?

There are several conveniences of holding crypto through a regulated bank account versus independent online wallets. 

Here are some top benefits:

• Security – Banks offer military-grade wallet security through cold storage and multi-factor authentication. Less risk of hacks or losses compared to individual hot wallets.
• Convenience – Manage all crypto activities in one place through bank-graded exchanges and apps. Buy, sell or exchange different coins with a few clicks.
• Liquidity – Requirement to convert larger crypto amounts to fiat is simplified through banking partnerships. Swift bank transfers for crypto proceeds.
• Accessibility – Use crypto-enabled debit cards for merchant payments anywhere in the world that accepts Visa or Mastercard.
• Tax clarity – Crypto gains and losses are automatically tracked for tax reporting compliance. Saves hassle of manual bookkeeping.
• Trust – Deal with a licensed and regulated financial institution subject to strict anti-money laundering rules. Provides peace of mind over independent exchanges.

A crypto bank account is the easiest way for both newcomers and experienced traders to safely manage and use digital currencies on a large scale.

Which Bank is the Best to Do Crypto Banking in Dubai?

There are multiple banks in Dubai that now offer crypto services. However, in terms of the breadth of features, customer experience focus and progressive approach, The Kingdom Bank stands out as the best option for crypto banking needs in Dubai.

Some key advantages of using The Kingdom Bank include:

• Widest digital currency coverage – Supports over 10 major coins including Bitcoin, Ethereum, Litecoin, XRP etc.
• Advanced trading interface – Our online trading platform is optimized for large volume traders with deep order books and robust API.
• Institutional grade security – Crypto holdings stored in isolated cold wallets with biometric login and physical security keys.
• Multi-currency flexibility – Supports 50+ fiat currencies for seamless crypto-fiat conversion and bank transfers globally.
• Personalized services – Dedicated client managers and 24/7 phone support for high net-worth and business banking needs.
• Global accessibility – Both residents and non-residents can access services remotely through our online and mobile apps.

If you’re serious about crypto and need banking perks, services like The Kingdom Bank provide the best of both worlds – crypto capabilities of an exchange with traditional banking reliability. We truly are pioneers in the crypto banking space.

Opening an online crypto bank account through The Kingdom Bank in Dubai is by far the easiest and safest way for both new and experienced investors to access the booming cryptocurrency markets. 

With Dubai targeting itself to become a global crypto hub, crypto adoption and regulations will only continue getting more robust in the emirate.

For the tech-savvy and risk-taking crowd, independent crypto exchanges still have their place. However, mainstreaming digital currencies requires the endorsement of trusted financial institutions that safeguard users’ interests through mandatory compliance standards. 

That is precisely the void that The Kingdom Bank aims to fill through its innovative crypto banking solutions.

If you’re keen on conveniently storing, managing and using cryptocurrencies on a larger scale, don’t hesitate to check out The Kingdom Bank by visiting our website. 

Our crypto account opening processes are entirely digital and can take as little as 48 hours to complete. You no longer need a reason to put off your crypto banking plans.