- UAE’s RAKBank partners up with Kraken.
- The collaboration will allow residents to trade crypto using dirhams.
- This move is expected to revolutionize crypto purchases in the UAE.
RAKBank, one of the top financial organizations in the UAE, has partnered with Kraken exchange to enable citizens to trade in crypto and digital assets using their local bank accounts and in dirhams.
Clients living in the UAE can afterward fund their cryptocurrency accounts by local financial transfers from any UAE bank. Kraken also has the honor of being the first international exchange to get a complete license to function as a regulated platform for exchanging virtual assets in the Abu Dhabi Global Market (ADGM).
Currently, UAE citizens who trade virtual assets must finance their transactions through banks or foreign correspondents located outside the UAE. They thus endure longer lead times (greater than 24 hours), higher FX expenses, and are subject to foreign jurisdiction.
Raheel Ahmed, CEO of RAKBank, stated that this collaboration will enable UAE citizens to fund their accounts quickly and with minimal charges, with everything happening within the regulatory jurisdiction of the UAE.
Kraken’s UAE-based investors will be able to transact in virtual assets transparently and efficiently through an ADGM-regulated crypto exchange that has the ability to convert between Dh and crypto through UAE Central Bank-regulated banking channels.
UAE has emerged to be a worldwide hub for crypto and blockchain acceptance and innovation. The country is trying to promote the virtual assets activity in the country by providing a friendlier approach other than some countries that use a harsh approach to the same.
Exchanges like Binance have also begun their operations in UAE, as the country is opening up itself to be represented as a global crypto hub.