UAE emerging as global cryptocurrency hub, says industry expert

UAE emerging as global cryptocurrency hub, says industry expert

Mena region received over $271 billion worth of crypto between July 2020 and June 2021

Published: Sat 23 Jul 2022, 4:20 PM Last updated: Sat 23 Jul 2022, 4:41 PM

The UAE is emerging as a global hub for cryptocurrency, said a top official from Kraken – one of the world's largest digital asset exchanges.

In April this year, Kraken became the first global cryptocurrency exchange to receive a full licence to operate a regulated virtual asset exchange platform in the Abu Dhabi Global Market (ADGM). Earlier this week, Kraken and RAKBank announced that UAE residents would soon be able to trade virtual assets in dirham using their local bank accounts.

Benjamin Ampen, managing director, Kraken Mena, underlined that the adoption of cryptocurrency in the UAE is growing fast.

"With Kraken, investors in the UAE and broader Mena region, for the first time, will be able to participate and invest in the crypto market more safely, more securely, more efficiently and at reduced cost through a dirham fiat gateway."

The UAE is the third biggest country in the world in terms of crypto adoption with 35 per cent already owning some form of cryptocurrency, according to a Gemini survey.

"Being able to invest in crypto directly, and