The UAE has become the latest country to welcome a major crypto exchange, with Kraken being awarded a full financial services license. This makes Kraken the second crypto exchange platform after Binance to receive regulatory approval in the UAE.
The news was announced in a press release published today, which also revealed that Kraken is the “first global virtual assets exchange group in the UAE to fully receive a full financial license from ADGM”.
Kraken will now be able to offer crypto-to-fiat and fiat-to-crypto trading pairs, as well as other services such as asset management and custody.
With this license, users will be able to buy bitcoin and ether with local currency.
This is a significant boost for the UAE’s crypto ecosystem and is likely to attract more exchanges and firms to the country.
United Arab Emirates : A Great Place for Crypto Startups
The UAE has been increasingly supportive of the cryptocurrency industry, and this latest move is likely to further boost its reputation as a leading destination for crypto businesses. With two of the world’s largest crypto exchanges now licensed to operate in the UAE, it is clear that the country is open for business.
Looking to buy Bitcoin? Kraken is one of the top crypto exchanges with low trading fees.
The article’s writer Noah Jones did not hold any positions in assets or companies mentioned in this article on the date of publication. His opinions are articulated herein, and the reader accepts that some opinions could change as a result of newer information being revealed.
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