The Californian crypto exchange Kraken becomes the second virtual asset platform, after Binance, to receive regulatory approval to operate in Abu Dhabi’s international financial hub and free zone, Abu Dhabi Global Market (ADGM).
In an interview with CNBC, Kraken CEO Curtis Ting explains the importance of diversifying trading pairs into local currencies rather than using the US dollar or British poundtraditionally available in global markets.
With the new operating license in Abu Dhabi, Kraken aims to better integrate with local banks and payment service providers. According to Ting, this will help the crypto exchange bring world-class liquidity to the United Arab Emirates region.
Citing the huge trading volumes in Dubai, exceeding $25 billion annually in cryptocurrencies, Ting added that “the region is ready and they have been waiting for a regulated offering like ours.” While operating as a fully licensed cryptocurrency exchange, Kraken will offer United Arab Emirates Dirhams (AED) pairs for local investors.:
“For us, it is really important to facilitate access to global markets and global liquidity, making sure that investors and traders in the region have access to local currencies. [par de comercio].”
In addition to Abu Dhabi, the competitor cryptocurrency exchange Binance has already secured regulatory approvals from two other Middle Eastern regions: Bahrain and Dubai.
In addition to the influx of regulated companies in the Middle East, local companies have also started to take an interest in the world of cryptocurrencies.
Dubai Citizens School has started accepting tuition payments between AED 45,000 and AED 65,000 in Bitcoin (BTC) and Ether (ETH). As Cointelegraph reported, cryptocurrency payments will be automatically converted to dirhams. Adil Alzarooni, founder of the school, commented:
“We hope to enhance the role of the young generations in achieving the UAE’s digital economy. As more people embrace the age of digitalization, the children of today will become the entrepreneurs and investors of tomorrow.”
The school is currently available for students between the ages of 3 and 11 and is scheduled to open in September 2022..
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.