Dirham-Denominated Cryptocurrency Trading Is Soon To Be Available For UAE Investors

Last Updated on 2 weeks by Ameer Hamza

Many people can’t help but be drawn in by the promise of financial independence through crypto trading, but experts suggest completing your research to minimize any associated risk. When the Covid-19 outbreak was at its apex, there was a huge increase in demand for cryptocurrency. Individuals who aspire to become financially independent are finding cryptocurrency trading an extremely appealing choice. Similarly, a strong crypto wave is taking place in the Middle East, allowing residents to unlock their financial freedom by trading from anywhere.

Kraken and RAKBank have partnered, enabling UAE investors to fund their transactions related to digital assets using local banks. In addition, UAE investors will be able to trade Dirham-denominated cryptocurrencies shortly. Investors who want to trade cryptocurrencies in the Emirates need to fund their transactions via banks or other platforms outside of the country. It may result in higher costs or currency rates and increased lead times.

The partnership between Kraken and RAKBank will allow investors to engage and make direct investments in the cryptocurrency market. The Kraken solution lowers expenses while being faster, safer, and more effective. Kraken is poised toward achieving its goal of AED-denominated crypto exchange in the Emirates with the help of RAKBank and through the unique regulatory supervision of ADGM. It is now convenient for investors because they can finance their cryptocurrency trading without having to utilize time-consuming international third parties.

  • The ADGM Granted Kraken Permission For Regulation

The ADGM gave Kraken a license in April to operate legally and carry out transactions in Abu Dhabi. The Kraken platform will provide users with unlimited options for buying, selling, and transferring digital currencies using their national currencies. With Kraken’s opening in the UAE, the capital flow will grow, and more funds will probably start investing in bitcoin in the region. The ADGM’s Financial Services Regulatory Authority has approved the cryptocurrency exchange after finding that it has complied with all requirements. As of right now, it will serve in Abu Dhabi and the rest of the United Arab Emirates as a digital service multilateral trading platform and custodian.

  • In The Burgeoning Crypto And Digital Assets Market, UAE Is Becoming A Hot Spot

The UAE is gradually becoming a popular location for cryptocurrency exchanges and evolving into a cryptocurrency powerhouse. Approximately Dh100 billion, or 4.3% of the UAE’s GDP, comes from the digital economy. The region’s portrayal of itself as an enthusiastic supporter and adopter is mostly to credit for this. Additionally, it offers a clear regulatory regime for the cryptocurrency industry. With one of the highest percentages of cryptocurrency engagement among both retail and institutional investors, the UAE is among the most financially progressive nations on the planet. In addition, a struggle for the crypto throne is taking place in Dubai and Abu Dhabi. Large cryptocurrency exchanges are establishing headquarters in Dubai, notably FTX, which was recently valued at $32 billion. The stars are in the right place for the UAE to establish itself as a worldwide crypto center since its youth has strong trust and interest in virtual assets.

What's your reaction?