One of the best global cryptocurrency exchanges, Kraken, recently announced it received a crypto trading license in the United Arab Emirates. Kraken will provide local UAE investors access to Dirham (AED) trading pairs with this new market.
Kraken Is the Second Virtual Asset Platform to Operate in UAE
Besides Kraken, Binance is the only other cryptocurrency exchange that received a license to operate in the Abu Dhabi international financial center and free zone. Kraken’s managing director explained how this license would positively affect the diversification of trading pairs on the exchange.
The new trading pair will lift the limits off the traditionally available pairs of USD and GBP in global markets.
Additionally, with this expansion, Kraken will also improve integration with local banks and payment service providers. This move will help Kraken bring global-level liquidity to the UAE region.
Current trading volumes in UAE reach up to $25 billion worth of cryptocurrency transactions annually. As a result, Kraken believes that this region is ready to accept such regulated offers.
Kraken’s managing director noted how important it is for Kraken to provide access to global markets and liquidity by ensuring that locals trade in their local currency trading pairs.