The number of cryptocurrency exchanges licenced to operate in the UAE continues to grow, with Kraken being the newest addition.
The venerable US exchange is the latest to get an Abu Dhabi licence to operate as a virtual asset trading platform. As such, Kraken follows the lead of other industry titans like as Binance and FTX.
To increase the UAE’s cryptocurrency involvement, the UAE has been a pioneer in terms of clear rules since 2018, which has allowed for the participation of a large number of industry players.
According to a Bloomberg article, the US digital asset exchange Kraken is the latest to get a licence inside the country’s boundaries. In Abu Dhabi, the firm was granted a licence to operate as a virtual asset trading platform.
Additionally, it built a regional headquarters in the city, with the anticipation that it would begin operations within the next six months.
Kraken’s multi-million user base will be able to invest, trade, withdraw, and deposit crypto assets directly in dirhams as a result of the licence.
Binance took a similar step a few weeks ago when it acquired in-principle clearance from the Abu Dhabi authorities to operate as a digital asset broker-dealer.
This follows the world’s biggest cryptocurrency exchange obtaining a restricted crypto asset licence in Dubai earlier this year.
FTX has also set its eyes on the oil-rich nation, recently announcing intentions to establish a regional headquarters in Dubai.
Another report from last week said that India’s strict taxation of cryptocurrency transactions has prompted several local exchanges to seek a new home in Dubai as well.
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