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HomeNewsAbu Dhabi gives nod to Kraken operate crypto exchange

Abu Dhabi gives nod to Kraken operate crypto exchange

Kraken became the first global cryptocurrency exchange to receive a Financial Services Permission (FSP) license to operate a regulated virtual asset exchange platform in the Abu Dhabi Global Market (ADGM) to service the needs of the Middle East and North Africa region. 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.

Affirming its commitment to Abu Dhabi and the UAE, Kraken has established its Middle East HQ in ADGM with an experienced senior executive leadership team to drive its UAE business and plans. 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.

ADGM introduced the world’s first comprehensive and robust virtual asset regulatory framework in 2018 and has since established itself as a leading global hub and business platform for virtual asset activities for local, regional and international firms. ADGM’s virtual asset framework is well recognised globally for its comprehensive regulations and applications and it is the largest regulated jurisdiction of virtual assets in the MENA region.

“The UAE is one of the most financially innovative jurisdictions in the world, with region-leading crypto participation rates by both consumer and professional investors. The ADGM and its financial regulator have been true pioneers for global crypto regulation,” said Curtis Ting, Managing Director of EMEA at Kraken. “We are delighted to have received full approval, and to soon launch regulated AED markets that will sit adjacent to Kraken’s industry-leading ecosystem of crypto products, including staking, spot markets across 120+ crypto assets, regulated futures, and our forthcoming NFT marketplace. We are excited to expand our products and services in the MENA region in the months and years ahead.”

Dhaher bin Dhaher, CEO of the Registration Authority, ADGM, said “We congratulate Kraken in securing its financial licence from the FSRA and warmly welcome them to ADGM’s fast-growing international virtual assets community. As an International Financial Centre and business enabler, ADGM has been doubling-down its efforts in accelerating new growth and investment opportunities, like the virtual assets sector, while supporting the financial sustainability and the economic diversification of Abu Dhabi.

Kraken’s presence bears testament to ADGM’s trusted regulatory framework and proven track-record in supporting the growth of local and global virtual assets exchanges and service providers. We look forward to working closely with Kraken in upholding the market integrity and furthering the development of the financial market ecosystem in Abu Dhabi and the wider UAE.”

The Kraken group, founded in 2011, is the first ever global crypto exchange to receive a license, and serves a client base of more than 9 million across 60 countries