Crypto Exchange Kraken Gets License to Operate in United Arab Emirates
The U.S. based cryptocurrency exchange Kraken has become the second crypto trading platform to receive regulatory approval to operate in UAE. The first to do so was Binance.
Kraken is aiming to facilitate investing, trading, withdrawal and deposit of virtual assets directly in Dirhams.
Kraken has become the first Global exchange platform to receive a Financial Services Permission (FSP) from the Abu Dhabi Global Market (ADGM) to operate in the United Arab Emirates (UAE).
With this new operational license, Kraken met all the conditions from the Financial Services Regulatory Authority. Now it aims to facilitate investing, trading, withdrawal and deposit of virtual assets directly in Dirhams, and to join forces with the local and payment service providers in order to ease payments.
Curtis Ting, the manager of Kraken, told CNBC “For us, it’s really important to facilitate access to global markets and global liquidity by making sure that investors and traders in the region have access to local currencies.”
Kraken first debuted in 2011, and it has since grown in popularity to the point where it now operates in over 60 countries. Kraken’s tie up with the Middle East will prove to be an exciting opportunity because it is one of the fastest growing cryptocurrency markets in the world, making upto 7% of global trading volumes.
Furthermore, not only the regulated businesses but also the local businesses have expressed support for this decision to enter the world of cryptocurrencies.
Along with Kraken, many other exchanges are also seeking license to operate overseas without facing legal issues. In a similar fashion, the largest crypto exchange Binance recently received a full license as the major crypto broker to operate in UAE without any restrictions.