Kraken granted a license in Abu Dhabi to operate as a virtual asset trading platform.
As a result, Kraken is following in the footsteps of other cryptocurrency industry giants such as Binance and FTX Exchange.
Because of its clear standards, the UAE has been among the leaders in efforts to enhance the country’s cryptocurrency participation since 2018, which has allowed a large number of industry participants to engage in.
The company has been awarded a license to operate as a virtual asset trading platform in the Emirate of Abu Dhabi.
Furthermore, it established a regional headquarters in the city, with plans to commence operations within the following several months after the headquarters is established.
As a result of the licensing, Kraken’s multi-million-strong user base will be able to invest in, trade in, withdraw from, and deposit crypto assets directly in dirhams.
Abu Dhabi Becoming Crypto Capital
According to a senior banking official, a top-down approach to cryptocurrency policy is helping Dubai become the industry’s go-to destination. The Abu Dhabi Global Market (ADGM) recently announced the establishment of a virtual asset regulator. Ronit Ghose, Global Head of Banking, FinTech, and Digital Assets at Citi Global Insights, stated.