Kavan Choksi- UAE Investors Will Be Able to Trade Cryptocurrencies in Dirhams Soon
Kraken, one of the biggest and most well-known cryptocurrency exchanges in the globe, has joined hands with the National Bank of Ras Al Khaimah to provide investors in the UAE to trade with virtual assets with dirhams via their bank accounts locally. Cryptocurrency investors in the region presently need to use banks or other third-party service providers located outside the nation to fund their trades. This makes the process expensive, as they need to incur a lot of high fees and exchange fees. Besides the above, the lead times are longer, making them subject to the governance jurisdiction of assets overseas.
Kavan Choksi–direct investment and participation in the cryptocurrency market
A lover of fine arts, business, investment, and finance expert, Kavan Choksi states that investors now in the UAE will be able to trade and participate in the cryptocurrency market in the region. The joint partnership between Kraken and the National Bank of Ras Al Khaimah is a safe and secure solution that is cheaper and more efficient than the processes investors had to take in the past. Besides partners at the RAKBank and under the regulations of the Abu Dhabi Global Market, Kraken is able to make its vision of AED-denominated crypto-trading in the region a reality.
ADGM launched the first comprehensive virtual asset regulations in the world in 2018. Since then, it has attracted a majority of iconic companies dealing with crypto coins for setting up a base in this unregulated free zone.
Securing a regulatory license
Kraken, in April, obtained a regulatory license to operate in the region of Abu Dhabi from ADGM, while Binance, the biggest cryptocurrency exchange in the globe, secured the principle approval to function as a broker-dealer in the capital with virtual assets.
In March, a renowned market research company called YouGov conducted a global survey, and it found that 67% of UAE residents were interested in cryptocurrency investments in the next subsequent five years.
Results of this survey in the region
There were about 21% of the respondents to the above survey in UAE polled 20,000 people located in 18 nations. The people here replied that they wish to trade in the cryptocurrency market in the next 12 months; this is the most significant global number after the nations Indonesia and then India.
Consumers in the UAE trusting cryptocurrency is about 40%, and this is the largest in the world
However, according to business expert Kavan Choksi, there are many individual investors that have already booked steep losses after the massive sell-off in crypto coins amid increasing rates of interest, higher inflation, the collapse of the stablecoin Terra USD and the recent Chapter 11 filing of bankruptcy by Celsius Network, a leading lender in cryptocurrency.
Bitcoin crashed below the prime $20,000 psychological level due to the “Crypto Winter” in June, and this wiped off $2 trillion of the total market capitalization in the market, making it fall under $1 in. Since the fall, Bitcoin, the globe’s most significant and first cryptocurrency, has regained some of its losses and is up 3.81 % to trade at $22,245.79 recently.