UAE issued cryptocurrency license to Kraken exchange
The company is expected to start operating in the country in the second or third quarter of 2022
25.04.2022 - 12:30
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What’s new? The Kraken cryptocurrency exchange has received a license from the regulatory authorities of the United Arab Emirates to operate as a virtual asset service provider (VASP). The platform can now do business in Abu Dhabi, partnering with local investors in the Emirates and offering trading pairs with the UAE’s local currency, the dirham (AED). The exchange expects to open a regional headquarters in the Emirati state soon.
What do the exchange’s representatives say? Kraken’s Managing Director Curtis Ting believes that AED trading pair options are a key step towards increasing liquidity and linking traditional banks and crypto-assets. The AED feature on the platform will allow investors to trade, deposit and withdraw funds in the Emirates’ local fiat currency.
Dhaher bin Dhaher, the CEO of Abu Dhabi Global Market (ADGM), said that investors can expect to start operating in the second or third quarter of 2022.
What is known about Kraken? It is a US-based cryptocurrency exchange founded by Jesse Powell in 2011. The platform is available in 176 countries and 48 states in America. In 2014, the exchange became the world’s largest platform in terms of EUR/BTC trading volumes.
What had happened before? On March 11, Sheik of Dubai Mohammed bin Rashid Al Maktoum reported on Twitter the creation of the Virtual Assets Regulatory Authority (VARA). The subsidiary agency of the Dubai World Trade Center will oversee the Emirates’ compliance with the marketing laws.
On March 14, the Binance crypto exchange received licenses to provide cryptocurrency services in Dubai and Bahrain. In April, the exchange was granted in-principle approval (IPA) from the ADGM to operate as a broker-dealer in digital assets.
The FTX exchange also received formal approval to operate in Dubai and plans to open a regional headquarters in the city.
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