California crypto exchange Kraken will be the second virtual asset platform after Binance to obtain a regulatory license to operate in the Abu Dhabi International Financial Center and Free Zone, Abu Dhabi Global Market (ADGM).
In an interview with CNBC, Curtis Ting, Managing Director of Kraken, explains the importance of dividing the trading pair into domestic currencies rather than using the common US dollar or British pound in international 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 crypto exchange will help bring liquidity to the United Arab Emirates.
Citing Dubai’s massive trade volume, which is estimated to increase by more than $ 25 billion a year, Ting added, “The region is ready and waiting for a fair supply like ours.” Craken offers UAE UAE dirham (AED) pairs to local investors
“It is very important for us investors and traders in the region to have access to local currencies to facilitate access to the world market and facilitate international exchange,” he said. [trading pair]. ”
In addition to Abu Dhabi, competitor crypto exchange Binance has already received approval from two additional regions in the Middle East – Bahrain and Dubai.
Related Dubai School accepts tuition through Bitcoin and Ethereum
In addition to regulated trade in the Middle East, domestic trade has also entered the world of crypto currencies.
The Dubai Citizens’ School began accepting tuition fees ranging from 45,000 AED to 65,000 AED in Bitcoin (BTC) and Ether (ETH). According to Cointelegraph, crypto currencies are automatically converted to dirhams. The founder of the school, Adil Alzaroni, commented:
We look forward to enhancing the role of young generations in the UAE’s digital economy. As more and more people embrace the digital age, today’s children become tomorrow’s entrepreneurs and investors.
The school is currently available for students ages 3 to 11 and will open in September 2022.