{"id":570329,"date":"2022-04-25T10:51:31","date_gmt":"2022-04-25T09:51:31","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=570329"},"modified":"2022-04-25T11:11:20","modified_gmt":"2022-04-25T10:11:20","slug":"kraken-crypto-license-uae","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/kraken-crypto-license-uae\/","title":{"rendered":"UAE Issues Crypto License To Kraken"},"content":{"rendered":"\n<ul><li>Kraken gained approval to operate in the United Arab Emirates<\/li><\/ul>\n\n\n\n<ul><li>The heavyweight exchange bagged the license from Abu Dhabi authorities<\/li><\/ul>\n\n\n\n<ul><li>Kraken can now offer virtual asset trading facilities to local investors<\/li><\/ul>\n\n\n\n<ul><li>Also, the exchange will provide trading pairs in the local currency &#8211; Dirhams<\/li><\/ul>\n\n\n\n<ul><li>Other exchanges like FTX and Binance have also received approval to do business in the Emirates<\/li><\/ul>\n\n\n\n<p>Major cryptocurrency exchange Kraken has received the regulatory green light from regulators in the United Arab Emirates to operate as a virtual asset service provider (VASP).\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">JUST IN: Kraken has received approval to operate in the UAE; they\u2019ll be the first <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#crypto<\/a> exchange in the region to offer direct funding and trading in UAE dirhams against <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#Bitcoin<\/a> &amp; <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#crypto<\/a>.<\/p>&mdash; Watcher.Guru (@WatcherGuru) <a href=\"https:\/\/twitter.com\/WatcherGuru\/status\/1518479339658137601?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">April 25, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>According to a report published by <a href=\"https:\/\/www.bnnbloomberg.ca\/crypto-exchange-kraken-gets-license-to-operate-in-abu-dhabi-1.1756335\" rel=\"nofollow noopener\"><em>Bloomberg<\/em><\/a>, the US-based digital currency platform can now do business in Abu Dhabi and offer its services to local investors across the Emirates. The heavyweight exchange also expects to open a regional headquarters in the Emirati state soon.\u00a0<\/p>\n\n\n\n<p>The fourth-largest exchange by trading volume with over 6 million users in more than 190 countries will also offer trading pairs featuring the UAE\u2019s local currency &#8211; Dirhams (AED).\u00a0<\/p>\n\n\n\n<p>Kraken\u2019s Managing Director Curtis Ting opined that AED trading pair options represent a key step geared towards driving access to liquidity and linking traditional domestic banking institutions with crypto-assets.\u00a0<\/p>\n\n\n\n<p>During a recent interview with <a href=\"https:\/\/www.youtube.com\/watch?v=BdxBj73Ckw4\" rel=\"nofollow noopener\">CNBC<\/a>, Ting said:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>For us, it\u2019s really important to facilitate access to global markets and global liquidity by making sure that investors and traders in the region have access to local currencies [trading pair].<\/p><\/blockquote>\n\n\n\n<p>The platform\u2019s AED feature will allow investors to facilitate trades, deposits, and withdrawals denominated in the Emirates\u2019 local fiat currency, per comments from Ting.&nbsp;<\/p>\n\n\n\n<p>Regarding a timeline for Kraken to kick off operations in the UAE, the Chief Executive Officer of Abu Dhabi\u2019s Global Market\u2019s Registration Authority, Dhaher bin Dhaher said investors can expect business to begin by Q2 or Q3 2022.<\/p>\n\n\n\n<h2>UAE Becoming A Crypto Paradise<\/h2>\n\n\n\n<p>Kraken is the first exchange to bag a license in Abu Dhabi and the latest virtual asset firm to receive approval thanks to the UAE\u2019s recent crypto licensing policy. <\/p>\n\n\n\n<p>Major platforms like <a href=\"https:\/\/en.ethereumworldnews.com\/binance-crypto-approval-in-abu-dhabi\/\">Binance<\/a> and <a href=\"https:\/\/en.ethereumworldnews.com\/ftx-crypto-exchange-secures-license-in-dubai\/\">FTX<\/a> also bagged digital asset licenses from Emirati authorities with plans to establish regional offices as well.\u00a0<\/p>\n\n\n\n<p>India&#8217;s largest digital currency exchange WaziriX could also relocate to Dubai following India&#8217;s recent tax regime. Authorities reportedly implemented a <a href=\"https:\/\/en.ethereumworldnews.com\/wazirx-founders-move-to-dubai\/\" target=\"_blank\" rel=\"noreferrer noopener\">heavy 30% tax on crypto transactions<\/a> on April 1.<\/p>\n\n\n\n<p>The Gulf region has emerged as a hub for innovation and crypto industry expansion in recent months. Cities like Dubai have established dedicated market supervisors like the Virtual Assets Regulatory Authority (VARA) in a bid to oversee the industry and drive innovation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>UAE grants major exchange Kraken a crypto license to operate in Abu Dhabi as the region evolves into a key point for digital innovation in the blockchain industry.<\/p>\n","protected":false},"author":55,"featured_media":570332,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[108379,108378,197,1061],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/570329"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=570329"}],"version-history":[{"count":4,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/570329\/revisions"}],"predecessor-version":[{"id":570345,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/570329\/revisions\/570345"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/570332"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=570329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=570329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=570329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}