With the widespread introduction of cryptocurrency regulations, several exchange platforms are fighting to retain dominance by getting as many licenses as possible. U.S crypto firm Kraken has received the license to expand its operation to the United Arab Emirates. The company hopes to use the new operating license to offer local investors exposure to foreign liquidity through the trading of dirham (AED) trade pairs.
Kraken Continues With Crypto Expansion
With the clearance to enter the Abu Dhabi International Financial Center and Free Zone, the Californian cryptocurrency exchange Kraken has become the second digital service firm, after Binance this year, to be permitted to operate in the country’s global market.
During an interview with CNBC, Kraken’s executive director, Curtis Ting discussed the necessity of expanding trading pairings to national currencies rather than relying just on the historically accessible British pound or U.S. dollar in global financial markets. Expansion of trading pairs to the local currency would help attract citizens into the crypto community.
Kraken hopes to improve its integration with financial institutions and payment services as a result of the new operating license in the United Arab Emirates. As noted by Ting, the cryptocurrency exchange will benefit from this by bringing worldwide liquidity to the region.
Ting went on to say that the area is poised and has been yearning for a regulated product like ours, citing Dubai’s current enormous trade volumes, which are over $25 billion worth in Bitcoin yearly. Kraken will provide domestic investors with the dirham (AED) pairings while functioning as a legally regulated cryptocurrency exchange.
According to Ting, “it is vital for us to provide access to international markets by ensuring that traders and investors in the area have accessibility to domestic currencies for trading.”
Competitors Getting License
Apart from Abu Dhabi, the rival cryptocurrency firm, Binance has received regulatory permissions from two other Middle Eastern countries — Dubai and Bahrain — in the last few months. Also, local businesses have begun to dabble in the realm of cryptocurrency.
Citizens School located in Dubai has begun taking tuition payments in Bitcoin and Ethereum for amounts ranging from 45,000 AED – 65,000 AED. As previously stated by Cointelegraph, cryptocurrency payments would be immediately changed into dirhams. The founder of the school, Dr. Adil Alzarooni, made the following statement:
“We are looking forward to expanding the involvement of upcoming generations in the development of the UAE’s virtual economy in the future. As more individuals embrace the digital world, tomorrow’s innovators and investors will be inspired by the examples set today.”
Presently, the school will be accessible to children between the ages of three and eleven, with the school scheduled to start in September.
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