Kraken is expanding into the Middle East and will open its regional headquarters in Abu Dhabi after receiving a full license to operate a regulated trading platform in the UAE.

Kraken will become the first cryptocurrency exchange to offer direct funding and trading in UAE dirhams against bitcoin, ether and a range of other virtual assets.

According to Chainalysis, the Middle East is one of the fastest growing crypto markets in the world, accounting for 7% of global trading volume. In the UAE, about $25 billion worth of cryptocurrency transactions are made annually.