Home Economy UAE legitimizes the cryptocurrencies, a good signal for Russia amid sanctions

UAE legitimizes the cryptocurrencies, a good signal for Russia amid sanctions

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Abu Dhabi Global Market Square (Photo: Bayut.com)

The International Finance Center, based in the Abu Dhabi Global Market, has welcomed the crypto exchange crackdown into the financial ecosystem in light of its fast-growing virtual share market. Amid the Ukraine war, Russians are working a way out to download their cryptocurrencies somewhere safer. This news may give them goosebumps.

According to The Eastern Herald correspondent, the Chief Executive Officer of Abu Dhabi Global Market Registration Authority, Zahir Al-Mahiri, said that he is warmly welcomed in the growing international virtual asset community in the Abu Dhabi global market.

Kraken is the first international cryptocurrency exchange to be licensed to operate a regulated virtual asset exchange platform in the Abu Dhabi Global Market to meet the needs of the Middle East North Africa (MENA) region.

The Crypto Exchange has met all the requirements for approval from the Financial Services Regulatory Authority in the Abu Dhabi Global Market to act as a multidimensional trading facility for virtual assets.

Kraken has set up its headquarters for the Middle East region in the Abu Dhabi Global Market to lead its business and carry out its plans in the UAE.

It will be the first licensed global virtual asset exchange group in the UAE to enable investors to invest, trade and accumulate virtual assets directly in the local currency dirham.

Curtis Ting, managing director of Kraken, said: “We are delighted to have this full approval here and will soon be launching a regulated market that will be linked to the Kraken industry’s leading ecosystem of crypto products.”

Due to the various sanctions on Russia, the Russians are downloading and investing money mostly in Dubai. Sources have revealed that most of the transactions are taking place in cryptocurrency. This step of legitimizing cryptocurrencies by the UAE gives a clear green signal to Russian investments in the region.

Russia is a huge cryptocurrency market, with the Kremlin estimating that Russians own nearly 10 trillion rubles ($124 billion) in digital assets.

Russia also announced that it was considering accepting Bitcoin in exchange for its oil and gas exports in the face of tough sanctions imposed by Western countries on Moscow in response to its invasion of Ukraine.