It reiterated that pilgrims require a Haj visa and it can be obtained through recognised official channels
UAE’s RAKBank has tied up with Kraken, a global digital asset exchange, whereby UAE residents will be able to trade virtual assets in UAE dirham using their local bank account.
Kraken was the first global exchange to have received a full license to operate a regulated virtual asset exchange platform in the Abu Dhabi Global Market (ADGM).
Under the agreement, RAKBank will enable Kraken to have the UAE-based clients fund their crypto accounts through local fund transfers from any bank in the UAE.
Currently, UAE residents who trade virtual assets must use banks or foreign correspondents outside the UAE to fund their trading.
As a result, they incur high foreign exchange costs and fees, experience long lead times – sometimes more than 24 hours – and are subject to overseas-jurisdiction asset governance.
The UAE has attracted some of the world’s major digital asset companies including the world’s largest cryptocurrency exchange Binance as the country has been pushing to develop the virtual asset sector through a raft of regulation and reforms. Dubai earlier this year adopted its first law governing virtual assets and also established Virtual Asset Regulatory Authority (VARA) as a regulator to oversee the sector.
ALSO READ:
“The UAE is emerging as a global hub for the crypto and virtual assets industry. With this breakthrough solution, 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 AED and crypto through UAE Central Bank-regulated banking channels,” said Raheel Ahmed, CEO of RAKBank.
“We are about to make our vision of AED-denominated crypto trading in the UAE a reality,” said Benjamin Ampen, managing director for Kraken Mena.
-waheedabbas@khaleejtimes.com
It reiterated that pilgrims require a Haj visa and it can be obtained through recognised official channels
The 18-year-old was taken to hospital in a serious condition
The brothers, who say they are innocent, are accused of having formed an organised criminal network in early 2021 in Romania, as well as in the US and Britain
The left-handed batter scored 3369 runs in 136 one-day internationals and 2893 in 140 Twenty20 internationals — both Pakistan records
Food supplies were distributed to 80 households
On January 31, a heart was airlifted from Delhi to Chennai, paving the way for Ayesha Rashid's life-saving surgery
The online retailer, which is headquartered in Singapore, has said it has around 108 million monthly active users in the 27-nation EU
The baby girl named Rouh, meaning Soul, suffered respiratory problems and a weak immune system, a doctor at the Emirati Hospital in Rafah said