Crypto Exchange Kraken Receives Regulatory Approval To Operate In Abu Dhabi Global Market

Kraken – a California-based crypto exchange – turns into the second-ranked virtual asset venue following Binance to acquire regulatory authorization to run in the worldwide financial center of Abu Dhabi as well as free zone ADGM (Abu Dhabi Global Market).

In an interview conducted on the behalf of CNBC, Curtis Ting (the managing director at Kraken) elaborates on the significance of bringing diversity to the trading pairs by taking into account the native currencies rather than utilizing conventionally existing Great British pounds or United States dollar across the global markets. With having the exclusive operational license to run in Abu Dhabi, the focus of Kraken is on having an enhanced integration with native banks as well as the providers of payment services.

As per Ting, the crypto exchange will be assisted in this way to introduce worldwide liquidity to the region of the United Arab Emirates. While referring to the present remarkable trading volumes of Dubai, taking into account an upsurge of nearly $25B of crypto per annum, Ting pointed out that the region is prepared and has been longing for a regulated offering. He added that while working as a completely authorized crypto exchange, AED (United Arab Emirates dirham) pairs would be offered by Kraken for native investors.

He considers that they consider it essential to enable the investors to reach global liquidity and global market by guaranteeing that traders and investors across the region can reach the local pair. Apart from the upsurge in regulated businesses throughout the Middle East, progress is additionally being made by the native businesses to jump into the crypto space.

The Dubai-based Citizens School initiated embracing tuition payments ranging between 45,000 AED and 65,000 AED in ETH (Ether) and BTC (Bitcoin). It was reported earlier that an automatic conversion of crypto payments will be done into dirhams. The founder of the school, Adil Alzarooni, remarked that they are endeavoring to expand the role played on the behalf of the young generations to take the economy of the United Arab Emirates to another prestigious position.

With more and more people making an effort to be a part of the regime of digitalization, the children of today will turn into investors as well as the entrepreneurs of tomorrow, as put by Alzarooni. At present, the schools can be accessed by students who are between 3 and 11 years of age.

Leave a Reply

Your email address will not be published. Required fields are marked *