US cryptocurrency exchange Kraken plans to launch a regional office in Abu Dhabi after receiving a full license to run a regulated platform in the UAE.
The exchange will reportedly be the first of a kind to provide direct funding and trading in UAE dirhams against bitcoin, ether, and related digital assets.
Kraken, managing director for Europe, the Middle East, and Africa, Curtis Ting, welcomes the opportunity to set up in the Abu Dhabi Global Market and the new trading pairs.
Ting adds that the new pair offering opens access to the global markets and the global liquidity to ensure that the investors in the region have access to the local currencies.
Cryptocurrency companies in the UAE have reportedly been asked to liquidate billions of dollars of virtual currencies as the west seeks to tame attempts by Moscow to evade sanctions.