Kraken secures regulatory approval to set up shop in Abu Dhabi

Another starring crypto exchange, Kraken, volition statesman operations successful the United Arab Emirates, having secured a licence to acceptable up determination trading office successful Abu Dhabi, Bloomberg News reported.

Kraken gets Abu Dhabi license

Abu Dhabi Global Markets Registration Authority (ADGM) CEO Dhaher bin Dhaher confirmed that the steadfast volition commencement operating successful the portion by the 2nd oregon 3rd quarter.

Kraken, which has astir 8 cardinal users worldwide, is 1 of the apical crypto exchanges successful the world. With its caller license, clients tin present trade, deposit, retreat and put successful integer assets utilizing dirhams — the UAE’s nationalist fiat currency.

Abu Dhabi attracts different apical crypto exchanges 

Kraken is joining a increasing database of crypto exchanges that person secured licensing successful Abu Dhabi oregon Dubai. 

Binance precocious secured an in-principle approval from the ADGM to run arsenic a broker-dealer for integer assets. The speech besides has a licence to run successful Dubai.

Meanwhile, FTX has secured a virtual assets work supplier (VASP) licence to run successful Dubai successful March. The institution has said it volition acceptable up determination office successful the emirate.

Other exchanges specified arsenic BitOasis, Crypto.com, and Bybit person besides secured approval to grow into the country. 

UAE’s pro-crypto stance

UAE’s pro-crypto policies person made it 1 of the biggest markets successful the Middle East.

Per information from Chainalysis, the country’s residents, arsenic of 2021, had a transaction measurement of astir $26 billion, which is conscionable down that of Turkey and Lebanon.

The state has besides embraced a pro-regulation presumption to bring much clarity to the space.

Dhaher said successful the interrogation with Bloomberg News that UAE was adopting a progressive attack toward the nascent industry.

Part of that attack is nationwide crypto licensing regulation, which means that exchanges tin acceptable up concern successful different areas too Dubai and Abu Dhabi.

Even with nationalist licensing law, each portion could inactive person power implicit the operations of crypto businesses wrong its zone. So, with respective exchanges mounting up store successful Abu Dhabi, 1 tin expect the state to beryllium astatine the forefront of crypto adoption successful the Middle East successful the adjacent future.