Kraken Crypto Exchange Receives Trading License in the United Arab Emirates
US-based crypto exchange Kraken has become the second virtual asset platform after Binance to receive the regulatory greenlight to operate in the Abu Dhabi international financial center and free zone, Abu Dhabi Global Market (ADGM).
In an interview with CNBC, Kraken’s Managing Director Curtis Ting explained the kind of volume the exchange is expecting to see from the region. He said:
“I think it’s a really exciting time for that particular part of the region of the world. I think it’s anywhere between six to seven percent of global currency trading volume is happening right out of the Gulf region.
If I remember correctly from recent figures, the UAE itself is second only to Turkey in [crypto trading] volume. I think you’re seeing something like a $25 billion USD volume occurring on an annual basis out of the UAE. That’s quite significant. I think it points to the fact that the region is ready and they’ve been waiting for a regulated offering like ours.”
Operating as a fully licensed crypto exchange, Kraken will offer United Arab Emirates dirham (AED) pairs for local investors. Ting commented:
“For us, it’s really important to facilitate access to global markets and global liquidity by making sure that investors and traders in the region have access to local currencies [trading pair].”
The post Kraken Crypto Exchange Receives Trading License in the United Arab Emirates appeared first on iGaming.org.
Source: igaming
