Abu Dhabi Global Marketplace has issued a full financial license to crypto exchange Kraken. “Kraken will be the first global virtual asset exchange group in the UAE to offer investors the ability to invest, trade, withdraw and deposit virtual assets (bitcoin and ether) directly in the local currency AED,” the regulator explained.
Kraken opens headquarters in the Middle East
Abu Dhabi Global Marketplace (ADGM) announced Monday that cryptocurrency exchange Kraken became “the first global virtual asset exchange group in the UAE 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 virtual asset operation jurisdiction in the Middle East and North Africa (MENA) region.
The regulator explained:
Kraken is the first global cryptocurrency exchange to be licensed by Financial Services Permission (FSP) to operate a regulated virtual asset exchange platform in ADGM to serve the needs of the MENA region.
“Kraken has met all conditions of the Financial Services Regulatory Authority’s (FSRA) ADGM permit to operate as a multilateral virtual asset trading platform (MTF) and custodian in Abu Dhabi and other UAE,” the statement said.
Noting that Kraken has established its Middle East headquarters in ADGM, the regulator said:
Kraken will be the first global virtual asset exchange group in the UAE to offer investors the ability to invest, trade, withdraw and deposit virtual assets (bitcoin and ether) directly in the local currency AED.
Earlier this month, the FSRA issued a discussion paper on decentralized finance (defi). In March, the regulator published a consultation paper proposing significant amendments to its capital markets system, including crypto-assets.
This month, FSRA also issued cryptocurrency exchange Binance permission in principle “to operate as a broker-dealer for virtual assets.”
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