Kraken is the latest to veer into UAE; first to offer dirham trading

Sahana Kiran
Source – Unsplash

The Middle East seems to have lured another prominent crypto exchange, Kraken into its territory. The exchange seems to have followed the footsteps of its counterparts and has entered the Abu Dhabi market. However, Kraken would be doing things slightly differently. The crypto exchange would reportedly be the first licensed platform in the region to offer UAE dirham trading.

Kraken managed to garner a green signal from the Abu Dhabi regulators. Following this, the crypto platform would set up a regional headquarters in Abu Dhabi.

Addressing this development, the exchange’s managing director for Europe, the Middle East, and Africa, Curtis Ting said,

“We’re incredibly excited to be able to set up our operations right in the ADGM [Abu Dhabi Global Market] itself to operate a virtual asset platform that finally offers Dirham pairs for investors in the region.”

With a global user base of 9 million, Kraken’s venture into the Middle East could undoubtedly spruce up this number.

First Binance and then Kraken, who’s next to swerve into UAE?

Better late than never! UAE did not want to miss the crypto party. As a result, an array of crypto businesses have been steering into the Middle East.

Regulatory uncertainty has been prevailing throughout the world. While some countries are openly welcoming crypto, a few others are steering away in a whole other direction. UAE was certainly smitten by the crypto bug and the last couple of weeks of its extensive adoption of crypto is proof of the same.

From real estate to restaurants, everyone has been embracing crypto across UAE. The relaxed regulations in the region have opened the doors to several crypto platforms. Binance made big news after it bagged a license in the region. FTX followed suit and garnered a license to provide services in Dubai.

Additionally, the Middle East could be emerging as a brand new haven for crypto platforms. This could just be the beginning of the region turning into a crypto hub.