Kraken awarded crypto trading license in the United Arab Emirates

Californian crypto exchange Kraken becomes the second virtual asset platform after Binance to receive regulatory approval to operate in Abu Dhabi’s international financial hub and free zone, the Abu Dhabi Global Market (ADGM).

In a CNBC interview, Kraken Managing Director Curtis Ting explains the importance of diversifying trading pairs to local currencies rather than using the US dollar or British pound traditionally available on global markets.

With the new operating license in Abu Dhabi, Kraken aims to better integrate with local banks and payment service providers. According to Ting, this will help the crypto exchange bring global liquidity to the UAE region.

Citing Dubai’s existing massive trading volumes, i.e. more than $25 billion worth of crypto annually, Ting added that “the region is ready and they have been waiting for a regulated offering like ours.” While operating as a fully licensed crypto exchange, Kraken will offer United Arab Emirates Dirham (AED) pairs for local investors:

“For us, it is 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].”

In addition to Abu Dhabi, competitor crypto exchange Binance has already secured regulatory approvals from two more regions in the Middle East: Bahrain and Dubai.

Related: Dubai School to Welcome Bitcoin and Ethereum Tuition Payments

In addition to the influx of regulated companies in the Middle East, local companies have also started to enter the world of cryptocurrencies.

Citizens School in Dubai has started accepting tuition payments (between AED 45,000 and AED 65,000) in Bitcoin (BTC) and Ethereum (ETH). As Cointelegraph reported, crypto payments will be automatically converted to dirhams. Dr. Adil Alzarooni, founder of the school, commented:

“We look forward to enhancing the role of the young generation in achieving the UAE’s digital economy. As more people embrace the age of digitalization, the children of today will become the entrepreneurs and investors of tomorrow.”

The school is currently open to students ages 3-11 and is scheduled to open in September 2022.