Kraken, one of the largest cryptocurrency exchanges in the world, has secured a license to operate its virtual asset trading platform in Abu Dhabi and has established its regional offices there. According to Dhaher bin Dhaher, Chief Executive Officer of Abu Dhabi Global Market's Registration Authority, the company would begin operations in the second or third quarter. Clients will be able to invest, trade, withdraw, and deposit virtual assets directly in dirhams through Kraken, which has over 8 million users worldwide.
Virtual asset service providers are trying to increase their presence in the UAE because of its "progressive" approach, according to Dhaher, who said that countries around the world are taking a severe position on crypto legislation. The oil-rich United Arab Emirates has stepped up its efforts to woo the world's biggest cryptocurrency companies. In 2018, the ADGM of Abu Dhabi adopted a virtual asset regulatory framework, and Dubai just passed a law regulating virtual assets.
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