UAE RAK Bank has partnered with Kraken crypto asset exchange to offer virtual assets trading in AED using their local bank account. As regulated by the Central Bank of UAE, RAKBANK will enable Kraken, which is licensed by Abu Dhabi Global Market (ADGM), to have their UAE-based clients fund their crypto account through local fund transfers from any bank in the UAE.   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). 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 (more than 24 hours) and are subject to overseas-jurisdiction asset governance. Through this innovative solution, UAE residents will be able to fund their account faster and at lesser costs, all while remaining within the UAE’s jurisdiction.