UAE’s Al Maryah Bank and Changer.ae Launch Regulated AED-to-Crypto Conversion Service

Abu Dhabi – May 13, 2025 — In a significant boost to the UAE’s rapidly evolving digital finance sector, Al Maryah Community Bank (Mbank) has partnered with crypto custodian Changer.ae to launch the country’s first fully regulated Dirham-based crypto conversion service, following approval from the UAE Central Bank.

Regulatory Green Light for Escrow-Backed Crypto Conversions

The new service allows customers to convert popular digital assets like USDT (Tether) and USDC (USD Coin) into United Arab Emirates Dirhams (AED) through a secure escrow framework. The initiative was made possible after the UAE Central Bank authorized Mbank to open an AED escrow account, enabling compliant holding and conversion of digital funds.

According to Mohammed Wassim Khayata, CEO of Mbank and board member of Changer.ae, this move underscores the Emirates’ commitment to fostering a secure and innovative fintech ecosystem. “By integrating an AED escrow service into Changer’s platform, we are enabling reliable, transparent, and compliant crypto-to-fiat transactions for our customers,” he said.

Innovation in Crypto Custody and Financial Access

Changer.ae, a UAE-based crypto custody and conversion platform, has hailed the collaboration as a step forward in expanding local crypto infrastructure. With this new framework, users can convert digital currencies into AED, and the funds can be either transferred into Mbank wallets or withdrawn via Jaywan ATM cards for seamless real-world spending.

Tarek Soubra, CTO of Mbank, emphasized the importance of user experience, noting that customers now enjoy “instant, safe, and transparent conversion and access to funds.” The move is particularly relevant to UAE’s broader digital transformation strategy and its ambition to position itself as a regional crypto hub.

UAE Solidifies Its Crypto Leadership

This development follows a series of proactive steps by UAE regulators to attract digital asset firms and build an enabling environment for blockchain innovation. Earlier this year, the Virtual Assets Regulatory Authority (VARA) also expanded its licensing to support a wider range of Web3 services in Dubai and Abu Dhabi.

With the integration of escrow-backed conversions, the UAE now sets a benchmark for regulated crypto-fiat interoperability, enhancing its appeal to both institutional investors and retail users.