Following Binance’s footsteps, Kraken starts its regional office in Abu Dhabi

After acquiring an exclusive license to operate in the nation, Kraken has started creating an office in Abu Dhabi and become the first exchange to provide UAE dirham trading, according to Curtis Ting, Kraken's managing director for Europe, the Middle East, and Africa. But, that’s not actually true, because binance also aims to do the same.

According to Citi, the surge of bitcoin firms in Dubai and Abu Dhabi is due to "more legal certainty. The Middle East is one of the fastest-growing cryptocurrency marketplaces, accounting for 7% of worldwide trade volumes. ABU DHABI, United Arab Emirates after acquiring an exclusive license to operate a regulated trading platform in the UAE, U.S. cryptocurrency exchange Kraken expanded into the Middle East. It will open its regional headquarters in Abu Dhabi. Binance is also trying to achieve the same, and it will be exiting to see which exchange wins in this race.

Curtis Ting, Kraken's managing director for Europe, the Middle East, and Africa, told CNBC's Dan Murphy, We're really delighted to be able to put up our operations directly in the ADGM itself to operate a virtual asset platform that finally offers Dirham pairings for investors in the area. Companies that seek to have a good influence on the environment, such as SET, ZeLoop, and Plastiks, might gain greatly by listing on these platforms and recruiting new users by capitalizing on this trend.

There is a sense of better regulatory certainty in Dubai, and at a federal level, Ronit Ghose, global head of fintech and digital at Citi, told CNBC's "Capital Connection" on Thursday. Rival financial cities such as Singapore and Hong Kong are also attempting to develop fully regulated settings for cryptocurrency trading to attract investment and trading volumes in an increasingly competitive climate.