Abu Dhabi Global Market has awarded a full financial license to crypto exchange Kraken. “Kraken will be the first global virtual assets exchange group in the UAE to offer investors the ability to invest, trade, withdraw and deposit virtual assets (bitcoin and ether) directly in local AED currency,” the regulator explained.
Kraken establishes its headquarters in the Middle East
Abu Dhabi Global Market (ADGM) announced on Monday that cryptocurrency exchange Kraken has become “the first global virtual asset exchange group in the United Arab Emirates to receive a full financial license from ADGM.”
Abu Dhabi Global Market is an international financial center and free zone in Abu Dhabi, the capital of the United Arab Emirates (UAE). It is the largest regulated jurisdiction of virtual asset activities in the Middle East and North Africa (MENA) region.
The regulator explained:
Kraken is the first global cryptocurrency exchange to receive a Financial Services Authorization (FSP) license to operate a regulated virtual asset exchange platform in the ADGM to serve the needs of the region. Middle East and North Africa.
“Kraken has met all approval conditions from the Financial Services Regulatory Authority (FSRA) of ADGM to operate as a Virtual Asset Multilateral Trading Facility (MTF) and Custodian in Abu Dhabi and the wider UAE,” the announcement details.
Noting that Kraken has established its Middle East headquarters at ADGM, the regulator said:
Kraken will be the first global virtual assets exchange group in the UAE to offer investors the ability to invest, trade, withdraw and deposit virtual assets (bitcoin and ether) directly in local AED currency.
Earlier this month, the FSRA released a discussion paper on decentralized finance (defi). In March, the regulator released a consultation paper proposing significant changes to its capital markets framework, including in crypto-assets.
The FSRA also awarded cryptocurrency exchange Binance in-principle approval this month “to operate as a broker-dealer in virtual assets.”
