Kraken has introduced its growth into the United Arab Emirates (UAE). The cryptocurrency trade plans to launch its regional headquarters in Abu Dhabi after getting full regulatory approval to operate in the nation.
Kraken gets a license to operate in the UAE
Following this licensing, Kraken shall be the first cryptocurrency trade in the UAE to provide direct buying and selling of dirhams in opposition to Bitcoin, Ether and different cryptocurrencies. The new license was granted by the Financial Services Regulatory Authority and the ADGM.
The Managing Director for Kraken’s Europe, Middle East and Africa division, Curtis Ting, mentioned, “we’re incredibly excited to be able to set up our operations right in the ADGM [Abu Dhabi Global Market] itself to operate a virtual asset platform that finally offers Dirham pairs for investors in the region.”
The Kraken cryptocurrency trade was launched in 2011, and it has a presence in greater than 60 international locations. The Middle East at the moment ranks as certainly one of the largest cryptocurrency markets, because it has seen many crypto corporations transfer into the area. A report from Chainalysis confirmed that the UAE accounts for 7% of the world crypto buying and selling volumes.
Every yr, the UAE cryptocurrency transactions tally to round $25 billion. The nation ranks third in the area in phrases of cryptocurrency buying and selling volumes. Turkey and Lebanon rank first and second, respectively, with volumes of $132.4 billion and $26 billion.
UAE as a rising crypto hub
Kraken is the newest addition of cryptocurrency corporations transferring to the UAE. Binance, the largest cryptocurrency trade globally by buying and selling volumes, is additionally in search of a wider presence in the Middle East.
A couple of weeks again, Binance acquired approval to operate in Abu Dhabi. The trade is planning to recruit 100 personnel to head its UAE division. Bybit, one other main cryptocurrency trade, additionally acquired regulatory approval to open its headquarters in Dubai in March.
FTX, one other main trade, was additionally granted a virtual-asset license to operate in Dubai. FTX is planning to arrange its regional headquarters in the UAE quickly.
In an interview with CNBC, the world head of fintech and digital at Citi, Ronit Ghose, mentioned that “one of the reasons we see an influx of entrepreneurs, builders, operators and developers coming into Abu Dhabi and Dubai… is because there is a sense of greater regulatory clarity at ADGM, in Dubai, and at a federal level.”
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