Crypto Exchanges Compete for Middle East As Kraken Receives License To Operate in United Arab Emirates

US-based crypto exchange Kraken is receiving a license to operate a virtual assets platform in the United Arab Emirates (UAE).

In a new interview with CNBC, Kraken Managing Director Curtis Ting was  what kind of volume the exchange was expecting to see from the region.

“I think it’s a really exciting time for that particular part of the region of the world. I think it’s anywhere between six to seven percent of global currency trading volume is happening right out of the Gulf region. 

If I remember correctly from recent figures, the UAE itself is second only to Turkey in [crypto trading] volume. I think you’re seeing something like a $25 billion USD volume occurring on an annual basis out of the UAE. That’s quite significant. I think it points to the fact that the region is ready and they’ve been waiting for a regulated offering like ours.”

Kraken recently gained a license to operate a virtual assets platform in the region by the Abu Dhabi Global Market (ADGM), an Abu Dhabi-based regulator.

“We’re incredibly excited to be able to set up our operations right in the ADGM itself to operate a virtual asset platform that finally offers dirham pairs for investors in the region…”

Binance, the world’s largest crypto exchange, was also granted a license “in principle” to operate in the region two weeks ago.