The latest in a string of Crypto exchanges have received the go-ahead for setting up regional headquarters in the UAE. Kraken, one of the world’s biggest Crypto exchanges, will soon open its doors in Abu Dhabi and be the first exchange to provide Dirham trading. Kraken has also partnered with Rakbank which will allow residents to fund their Crypto accounts through local transfers from any bank in the country.
The opening of Kraken office in Abu Dhabi is on the back of a much bigger movement by Crypto firms to establish themselves in the region. Binance, the world’s largest Crypto exchange by trading volume, was also given approval in Abu Dhabi to start its operations with Bybit and FTX receiving their virtual-asset licenses to start operations in Dubai.
This move is on the back of the UAE government’s stance to adopt crypto as mainstream assets. Its regulatory framework provides for greater clarity and is the main reason for the influx of cryptocurrency businesses into Dubai and Abu Dhabi.
The expansion of crypto-related business ventures into Dubai is hugely positive not only for the region but for the broader community as a whole. Greater adoption means better regulation which in turn means that institutional investors will soon start flocking to these alternative assets.
With the Middle East currently making up about 7% of the global trading volumes, it is clear that policy certainty is working. The effect on the end user is that greater adoption spurts more competition which in turn will allow for better trading and investment platforms.
With the UAE working hard on the sustainability of this new asset class it is clear that Crypto is here to stay.
Perhaps it is time for you to consider setting up your Crypto related business in Dubai. Alternatively, use Dubai as a base from which to invest in the world of Cryptos. Get in touch!