Kraken, one of many largest crypto exchanges on the planet, gained approval to function in Abu Dhabi on Monday. The trade joins a widespread push into the Middle East, amid rising crypto adoption within the area.
The transfer was revealed in an announcement by Abu Dhabi’s market registration authority. The trade is the primary to obtain a license to function a regulated, digital asset trade from the Abu Dhabi Global Market monetary centre, the regulator mentioned.
The transfer comes amid elevated efforts by the United Arab Emirates (UAE) to develop into the following crypto capital. Abu Dhabi had in 2018 handed crypto-friendly regulation, inviting ventures by a number of main crypto gamers.
Kraken units up Middle East HQ in Abu Dhabi
Kraken, which has over 9 million customers globally, arrange its Middle East headquarters in Abu Dhabi, the markets regulator mentioned.
The trade acquired all of the required clearances from Abu Dhabi’s monetary regulator, and can “soon” permit traders to commerce crypto instantly in UAE Dirham.
Curtis Ting, Managing Director of EMEA at Kraken lauded the UAE for having crypto-friendly legal guidelines, and mentioned the trade plans to broaden additional within the Middle East and North Africa area “in the months and years ahead.”
Kraken’s approval additionally beats out that of world’s largest crypto trade Binance, which solely holds an in-principle license to function in Abu Dhabi.
UAE attracts crypto traders
But each Binance and Kraken not too long ago secured licenses to operate in Dubai, one other main monetary hub within the UAE. The metropolis had additionally not too long ago handed crypto-friendly legal guidelines to draw extra funding.
Binance established its world headquarters in Dubai. It can also be among the many few exchanges not too long ago licensed to function in Bahrain.
World no.2 crypto trade FTX not too long ago gained a license to operate in Dubai, and plans to arrange its regional headquarters within the metropolis. Smaller exchanges Bybit and Crypto.com additionally each not too long ago gained licenses to function in Dubai.
The UAE is ranked third in crypto adoption within the Middle East, behind Turkey and Lebanon, in accordance with a 2021 report by blockchain analytics agency Chainalysis.
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