Abu Dhabi Global Market granted a complete financial license to Kraken, a crypto-exchange. “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 Middle East headquarters
Abu Dhabi Global Market (ADGM) announced Monday that cryptocurrency exchange Kraken has become “the first global virtual assets exchange group in the UAE to receive a full financial license from ADGM.”
Abu Dhabi Global Market (formerly Abu Dhabi Financial Center) is an international free-zone and financial center located in Abu Dhabi. It’s the capital of United Arab Emirates. It’s the biggest regulated jurisdiction in virtual asset activities within the Middle East & North Africa (MENA) region.
Explained the regulator:
Kraken, the world’s first crypto exchange, has been granted an FSP license by the Financial Services Permission to allow it to provide a licensed virtual asset exchange platform within the ADGM that serves the Middle East and North Africa regions.
“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.
According to the regulator, Kraken’s Middle East Headquarters was established in ADGM.
Kraken, the UAE’s first virtual asset exchange, will offer its investors an opportunity to trade, withdraw, and deposit virtual assets such as bitcoin and ether directly in AED currency.
The FSRA published a paper discussing decentralized finance earlier this month. The regulator released a March consultation paper that proposed significant changes to its capital market framework. This included crypto assets.
The FSRA also awarded cryptocurrency exchange Binance in-principle approval this month “to operate as a broker-dealer in virtual assets.”
Do you agree with Kraken’s license by the ADGM as the first worldwide crypto exchange? Comment below.
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