Kraken, one of the largest crypto exchanges across the globe, got approval to operate in Abu Dhabi on Monday. The exchange is part of a larger drive into the Middle East, which is seeing a rise in crypto acceptance.
The decision was disclosed by Abu Dhabi’s market registration authorities. Abu Dhabi Global Market financial centre has given the licence for the first time to the exchange so that they can operate a regulated digital asset exchange, according to the regulator.
The decision is taken as the United Arab Emirates (UAE) increases its efforts to become the next crypto capital. In 2018, Abu Dhabi adopted crypto-friendly regulations, attracting investments from a number of big cryptocurrency firms.
Kraken established its Middle East headquarters in Abu Dhabi. Notingly Kraken has over 9 million members worldwide, as per the markets regulator.
The exchange has got all of the major approvals from Abu Dhabi’s financial regulator and investors will soon get permission to trade crypto in UAE Dirham.
Curtis Ting, Kraken’s Managing Director of EMEA, complimented the UAE’s crypto-friendly rules and stated that the exchange expects to expand in the Middle East and North Africa region “in the months and years ahead.”
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