Kraken Becomes First Global Crypto Exchange Fully Licensed in the Abu Dhabi


On April 25,
2022, Abu Dhabi Global Market (ADGM) reported that US-based cryptocurrency
exchange Kraken has turned into the first worldwide virtual assets exchange
group in the United Arab Emirates to get a full monetary license from the ADGM.
"Kraken is
the first global cryptocurrency exchange to receive a Financial Services
Permission (FSP) license to operate a regulated virtual asset exchange platform
in the ADGM to service the needs of the Middle East and North Africa
region," ADGM said in a statement on Monday.
The regulator said
Kraken has met all endorsement conditions from the Financial Services
Regulatory Authority (FSRA) of the ADGM to work as a Virtual Asset Multilateral
Trading Facility (MTF) and caretaker in Abu Dhabi and the more extensive UAE.
Kraken has established
its Middle East Head Quater in ADGM, the assertion said. ADGM is a global
monetary focus and free zone in Abu Dhabi, the capital of the UAE.
"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," it said.
Curtis Ting,
managing director of EMEA at Kraken, said, “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."
“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," Ting
said.
Recently, the
global cryptocurrency exchange Binance got on a basic level approval from ADGM
to work as a broker-dealer in virtual assets.
The UAE has
arisen as a favored jurisdiction for crypto trades. FTX, one of Binance's top
rivals, got a virtual asset service provider (VASP) permit in Dubai last month.

Joyashree Dey
CBW - External Analyst
INDIA