Kraken rewarded crypto trading license in the UAE
With the recent operational license in Abu Dhabi, Kraken intends to give access to global liquidity to local investors via dirham or AED trading sets. Californian crypto exchange Kraken evolves as the 2nd virtual asset forum after Binance to obtain regulatory permission to govern in the Abu Dhabi international financial center and free zone, Abu Dhabi Global Market or ADGM.
In a recent CNBC interview, Kraken’s MD, Curtis Ting clarifies the significance of modifying trading pairs to local cash instead of using the traditionally accessible U.S. dollar or British pounds in international markets. With the new functional license in Abu Dhabi, Kraken strives to better integrate with local banks and payment assistance providers. As per Ting, this will help the crypto exchange bring international-level liquidity to the UAE region.
Illustrating Dubai’s occurring massive trading quantities that are upwards of $25B worth of digital currency annually, Ting added that the nation is ready and they have been waiting for a regulated offering like theirs. While operating as an entirely licensed crypto exchange, Kraken will give UAE dirham (AED) pairs to local investors- For them, it is crucial to stimulate access to international markets and multinational liquidity by making sure that investors and dealers in the region have access to regional currencies.
In addition to Abu Dhabi, striving crypto exchange Binance has already bagged regulatory permissions from two more nations in the Middle East – Bahrain and Dubai.
Moreover, to the inflow of regulated businesses in the Middle East, local businesses have begun intervening in the realm of digital currencies. Citizens School in Dubai began receiving tuition payments in BTC and ETH. As per the reports of Cointelegraph, the crypto payments will be automatically modified into dirhams.
Dr Adil Alzarooni, the founder of the school said that they look forward to improving the part of young generations in accomplishing the UAE’s digital economy. As more people adopt the era of digitalization, today’s kids will become the entrepreneurs and investors of the future.” The school is nowadays accessible to teachers aged between 3 to 11 and is put to open in September 2022.
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