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Abu Dhabi grants an operating license to Kraken

The list of crypto exchanges licensed to operate in the United Arab Emirates continues to rise, with Kraken being the most recent addition. The renowned US platform is the newest to be granted a license in Abu Dhabi to operate as a virtual asset trading platform. As a result, Kraken joins the ranks of other industry leaders like Binance and FTX.

Since 2018, the UAE is amongst the leaders in terms of proper regulations in an effort to increase the country’s cryptocurrency interaction, which has allowed numerous industry participants to join.

As per Bloomberg, the US virtual currency exchange Kraken is the latest to be licensed within the country’s boundaries. In Abu Dhabi, the corporation was granted a license to operate as a virtual asset trading platform. Furthermore, it created regional offices in the city, with plans to begin operations within the following months.

Kraken stands in fourth place as part of the largest global exchanges with more than 6 million users worldwide. Their customer base will now be able to invest, trade, withdraw and deposit crypto-assets instantly in dirhams thanks to the new license.

Binance made a similar step a few weeks ago when it got in-principle authorisation from the Abu Dhabi Securities and Exchange Commission to operate as a digital asset broker-dealer.

This followed the world’s largest crypto exchange obtaining a restricted crypto-asset license in Dubai. FTX has also set its sights on the oil-rich country, recently announcing intentions to open a regional headquarters in Dubai. According to a story published last week, India’s strict tax regulations on cryptocurrency transactions have prompted several local exchanges to seek a new home in Dubai.

Photo by David Rodrigo

About the author, Deyvid Stoyanov

Deyvid developed his passion for technology, innovation, blockchain and decentralization throughout his bachelor and masters degree studies in Bulgaria and Italy. With several years of experience in the private sector, he is currently part of the FinTech Legal Center Tallinn-based team and remains immersed in the transformation of the financial and banking sector, the adoption of blockchain and cryptographic technologies as well as their interrelationship with state supervisory authorities and the European regulatory structure.

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