Managing Director of Kraken, Curtis Ting has announced the approval of the trading platform to commence operation in the United Arab Emirates. The leading trading platform in the US, Kraken has followed the footsteps of Binance to commence operation in the UAE.
With the approval, the trading platform will offer UAE-based investors to explore international liquidity through dirham (AED) trading pairs. Kraken becomes the first platform to allow direct funding and transactions in the UAE local currency, Bitcoin, Ethereum, and other digital assets.
Cryptocurrency growth in the Middle East
Also, the license will further build a good relationship with the trading platform and other financial institutions within the country. Kraken becomes the second trading platform after Binance to attain trading permission in UAE.
However, Binance doesn’t seem like a train that’s showing any signs of slowing down. The trading platform has gradually established its presence in other Middle East regions like Dubai and Bahrain.
Specifically, the United Arab Emirates has enjoyed more attention among its contemporaries in the Middle East regarding Cryptocurrency. UAE has attracted international Crypto organizations due to the passage of a crypto-friendly bill recently.
Furthermore, the exodus of trading platforms into the region has boosted the popularity of Cryptocurrency and other virtual assets there. Tertiary institutions in Dubai now accept tuition in cryptocurrency.
Curtis Ting Reflects on the development
Additionally, The Managing Director of Kraken, Curtis Ting further shed light on the nature of the development. He emphasizes the relevance of modifying trading pairs to local fiats without international fiats like the USD or GBP in international markets.
He expressed excitement over the approval and how the organization can carry out its activities in Abu Dhabi Global Market. Without a doubt, the move is a proactive one by the organization in a region where cryptocurrency is becoming popular. However, the Middle East is gradually gaining its feet in the crypto sphere, and it contributes to 7% of the international trading volume.
Lastly, the managing director made a reference to the growing transaction of cryptocurrency in the middle east. He opines that the presence of Kraken in the UAE is what the region has been waiting to experience.