Kraken, one of the largest Californian crypto exchange platforms has become the second digital asset platform after Binance to receive regulatory approval from The United Arabs. As Kraken obtains a crypto exchange license from the Abu Dhabi Global Market (ADGM), it can now operate successfully in the UAE and Middle Eastern regions.
Consequently, Kraken has decided to establish its regional headquarters in Abu Dhabi to operate in the entire United Arab Emirates region. According to market experts currently, Kraken has over 9 million active users globally.
Also, Kraken’s managing director Curtis Ting wants to diversify the trading pairs to local currencies instead of traditional U.S. dollar or British pounds in the global economy. To support the idea, he suggested that,
“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.”
Curtis Ting, Managing Director, Kraken
Curtis praised UAE for its utmost understanding of the Web3.0 era and crypto-assets. Not only Kraken but also Binance and FTX which are the big-time players in the crypto exchange world applaud UAE for having crypto-friendly laws and regulations.
Curtis also plans to execute the expansion further in the regions of Middle Eastern and North Africa. These two parts of the world exhibit more potential where an unrealized crypto market awaits to be noticed.
UAE is said to be the largest oil-rich country in the world and attracts some of the world’s largest crypto firms. Abu Dhabi Global Market (ADGM) approved the virtual asset regulatory framework in 2018 and Dubai passed a law in favor of crypto assets last month. According to Chainalysis 2021 reports, the country ranks third in crypto adoption in the Middle Eastern region after Turkey and Lebanon.
Also read: Indian Crypto Market suffocates under strict central bank restrictions
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