Kraken Acquired License To Operate In Abu Dhabi: Report

Kraken acquired a license to operate in Abu Dhabi and the number of exchanges with a license to operate in the Emirates continue to increase as we can see more today in our latest cryptocurrency news today.

The veteran US exchange Kraken acquired a license and it is the latest one to get a license to function as a virtual asset trading platform in Abu Dhabi and Kraken follows a similar example that is set by other industry giants like FTX and Binance. In an attempt to enhance the nation’s crypto engagement the UAE was among the leaders in terms of regulation since 2018 which opened the door for most industry participants to join in. According to the reports, the latest to get licensed within the nation’s borders is the US digital asset exchange Kraken the company recieved a license to operate as a virtual asset trading platform in Abu Dhabi and it established its regional headquarters in the city with more expectations asserting that it will start functioning in the next few months.

The license will allow Kraken’s multi-milloon use base to trade, withdraw, invest and deposit crypto assets in dirhams. Binance made a move a few weeks ago when it got the in-principle approval from the Abu Dhabi watchdog that enabled the company to operate as a broker-dealer for the digital assets. This came after the world’s biggest crypto exchange already obtained a limited crypto assets license in Dubai. FTX also set its eyes on the country by announcing more plans to set up a regional HQ in Dubai. Another report from last week informed that the tax legislation imposed in India on crypto dealings pushed some exchanges to seek a new home in Dubai as well.

As recently reported, Kraken’s CEO decided to close the headquarters of the company in San Francisco after blaming the city for being incapable of ensuring public safety. The CEO of Kraken Jesse Powell released a statement that Kraken closes its headquarters office in San Franciso after many employees were attacked, harassed, or robbed on their way to work. The statemetn first appeared on the internet in a Tweet by Richie Greenberg, and since then it attracted numerous responses in the Twitter community regarding the safety issues in a city where a lot of companies are based.

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• Source: https://www.dcforecasts.com/regulation/kraken-acquired-license-to-operate-in-abu-dhabi-report/