Cryptocurrency investors in the Emirates currently have to use banks or other third-party providers outside the country to fund their trades, often incurring high foreign exchange rates and fees, longer lead times and making them subject to overseas jurisdiction asset governance, Kraken and RAKBank said on Monday.

“Investors in the UAE will soon be able to directly participate and invest in the crypto market,” said Benjamin Ampen, managing director for Kraken Mena.

In April, Kraken secured a regulatory licence from the ADGM to operate in Abu Dhabi, while Binance, the world’s biggest cryptocurrency exchange, received in-principle approval to operate as a broker-dealer in virtual assets in the capital.

About 21 per cent of UAE respondents to the survey, which polled 20,000 people in 18 countries, said they also intend to trade in cryptocurrencies in the next 12 months, the highest globally after Indonesia and India.