Kraken Is the Latest Crypto Exchange to Receive a License to Operate in Dubai

Quick take:

• Kraken sets foot in the UAE as it receives the license to operate in the country.
• The exchange is set to be fully operational by the second or third quarter.

Kraken has been awarded a license to operate in the United Arab Emirates, becoming the latest cryptocurrency exchange to obtain one.

The exchange, which has a worldwide user base of over eight million, is the latest virtual asset platform to be given trading authorization by the Abu Dhabi Global Markets Registration Authority and the Financial Services Regulatory Authority.

According to Dhaher bin Dhaher, CEO of Abu Dhabi Global Markets Registration Authority, Kraken has created a regional headquarters. It plans to launch a fully regulated trading platform in Abu Dhabi by the second or third quarter of this year.

UAE is very welcoming to the crypto space

“We’re incredibly excited to be able to set up our operations right in the ADGM [Abu Dhabi Global Market] itself to operate a virtual asset platform that finally offers Dirham pairs for investors in the region,” Curtis Ting, Kraken’s head of the EMEA region,” said to CNBC.

In March, FTX, one of Kraken's competitors, was granted a virtual asset service provider license in Dubai, while Bybit and Crypto.com are trying to expand their presence in the UAE.

Bybit announced intentions to open a worldwide headquarters in Dubai by April, while Crypto.com would construct a regional base and undertake a recruiting push to strengthen its position in the area.

Because of the UAE's forward-thinking approach to crypto regulation, virtual asset service providers like Kraken are focusing their efforts there.