California crypto exchange Kraken will become the second virtual asset platform after Binance to receive regulatory approval to operate in Abu Dhabi’s international financial center and free zone, Abu Dhabi Global Market (ADGM).
In a CNBC interview, Kraken president Curtis Ting explains the importance of diversifying trading pairs into local currencies rather than the traditionally available US dollar or British pound sterling in 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 liquidity to the United Arab Emirates region on a global level.
Citing Dubai’s existing huge trading volumes, i.e. more than $25 billion worth of cryptocurrency per year, 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 Dirham (AED) pairs from the United Arab Emirates offers local investors:
“It is very important to us to facilitate access to global markets and global liquidity by ensuring that investors and traders in the region have access to local currencies [trading pair]†
In addition to Abu Dhabi, rival crypto exchange Binance has already received regulatory approvals from two more regions in the Middle East – Bahrain and Dubai.
Related: School in Dubai Welcomes Tuition in Bitcoin and Ethereum
In addition to the influx of regulated companies in the Middle East, local businesses have also entered the world of cryptocurrencies.
Citizens School in Dubai has started accepting tuition fees (between 45,000 AED to 65,000 AED) in Bitcoin (BTC) and Ethereum (ETH). As Cointelegraph reported, the crypto payments are automatically converted into dirhams. dr. Adil Alzarooni, the founder of the school commented:
“We look forward to increasing the role of young generations in realizing the UAE’s digital economy. As more people embrace the era of digitization, today’s children will become tomorrow’s entrepreneurs and investors.”
The school is currently available to students aged 3-11 and is expected to open in September 2022.