Crypto exchange Kraken opens a regional office in Abu Dhabi
Kraken, a cryptocurrency exchange based in the United States, is expanding into the Middle East and will establish its regional headquarters in Abu Dhabi after obtaining a full license to operate a regulated trading platform in the UAE.
Kraken is granted a license to operate in Abu Dhabi
After receiving regulatory approval from the ADGM and the Financial Services Regulatory Authority for its local launch, the firm is expected to begin operations in the second or third quarter and will be the first crypto exchange to offer direct funding and trading in UAE dirhams against Bitcoin, Ether, and other cryptocurrencies.The UAE launch, according to Kraken, is part of a larger foray into a hugely successful region. The UAE has stepped up its efforts to attract the world's largest cryptocurrency exchange firms. Abu Dhabi's ADGM adopted a virtual asset regulatory framework in 2018, and Dubai passed a virtual asset law last month.
Many crypto exchanges are moving to the UEA
Binance and FTX both received a virtual asset service provider license in Dubai last month and announced plans to open regional offices there. Simultaneously, Crypto.com announced the establishment of a regional headquarters in Dubai, and Bybit announced the relocation of its global headquarters to the city after abandoning Singapore entirely.The UEA is appealing to both crypto firms and crypto founders and investors. Nischal Shetty and Siddharth Menon, co-founders of Indian cryptocurrency exchange WazirX, recently relocated to Dubai, while the crypto exchange's office remained in India. This is a clear indication that the country's climate can also be appealing to individuals.
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