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 asked 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.
IDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Catalyst Labs