A squid in the desert – The United Arab Emirates open their arms to octopus by granting him a license. That puts the San Francisco-based exchange ahead of Binance, which nonetheless appeared to have taken the lead in the region.
Kraken unfolds its tentacles in the Emirates
got octopus a Financial Services Authorization (FSP) license from Abu Dhabi Global Market (ADGM). The exchange can now offer its digital asset exchange services in the Middle East and North Africa (MENA) region.
Regulated by the Financial Services Regulatory Authority (FSRA), ADGM is one of three free zones in the UAE. FSRA has authorized Kraken to operate as a Multilateral Virtual Asset Trading Facilitator (MTF) and Virtual Asset Custodian (VAC) in Abu Dhabi and throughout the United Arab Emirates.
>> Forget Kraken and Binance ! Join the prospect on AscendEX! (affiliate link) <
Kraken: Abu Dhabi’s first crypto exchange
Kraken claims to be the first exchange to receive a full financial license from the ADGM. However, Binance had already received basic approval by the supervisory authority to operate as a broker-dealer of digital assets in Abu Dhabi.
Thanks to this license, Kraken will now be able to add a local touch to its trading offerings. Kraken CEO Curtis Ting explained in an interview with CNBC the importance of including local currencies in trading instead of the US dollar or British pound.
“It is really important for us to facilitate access to global markets and global liquidity by ensuring that investors and traders in the region have access to local currencies.”
With its new license, Kraken offers local investors trading in Bitcoin (BTC) and other cryptocurrencies that are matched to the Emirati dirham (AED).
With this license, Kraken wants to improve its cooperation with banks and local payment service providers.
The United Arab Emirates wants to become the new blessed land for crypto companies. The Securities and Commodities Authority of the United Arab Emirates is working on legislation in this direction. The regulatory authority develops legal regulations for this federal licensing of cryptocurrency companies.
The dominoes start falling one by one, giving bitcoin a little more traction every day. For your part, don’t wait any longer to take part in the greatest modern currency revolution! Register on AscendEX. To trade cryptocurrencies without breaking the bank, take advantage of a 10% discount on trading fees (affiliate link, see conditions on site)