As soon as Kraken gets a licence to operate in Abu Dhabi, it will be able to connect local investors to global liquidity through trading pairs in dirhams.
Kraken, a crypto exchange in California, has become the second virtual asset platform to get permission to operate in the Abu Dhabi international financial centre and free zone, Abu Dhabi Global Market. Binance was the first (ADGM).
In a CNBC interview, Kraken’s managing director, Curtis Ting, talks about why it’s important to trade in currencies other than the US dollar or the Great British pound in global markets.
Kraken wants to work better with local banks and payment service providers with its new licence in Abu Dhabi. People who work for the crypto exchange say this will help them get global-level liquidity in that part of the United Arab Emirates area.
In addition to Dubai’s huge trading volumes of up to $25 billion worth of cryptocurrency each year, Ting said that “the region is ready and they’ve been waiting for a regulated offering like ours.” Kraken, which is a fully licenced crypto exchange, will be able to offer United Arab Emirates dirham (AED) pairs for investors in the Middle East.
Also, Binance has been approved in Bahrain and Dubai, which are both in the Middle East.
Local businesses are also getting into the world of cryptocurrencies in the Middle East. This is in addition to the rise of regulated businesses there.
Citizens School in Dubai now accepts Bitcoin (BTC) and Ether (ETH) as payment for tuition from 45,000 AED to 65,000 AED, which is about $4,500 to $6,500. (ETH). As Cointelegraph said, the crypto payments will be automatically converted into dirhams, and this will happen. The school’s founder, Adil Alzarooni, said:
Children as young as three can now apply for the school, which opens in September 2022. It will serve children from 3 to 11 years old.