Kraken Becomes First Global Crypto Exchange Fully Licensed by Abu Dhabi Global Market – The Abu Dhabi Global Market (ADGM) said on Monday that crypto exchange Kraken is the “first global virtual assets exchange organization in the UAE to get a complete financial license from ADGM.”
Abu Dhabi Global Market is a free zone and international financial center in Abu Dhabi, the capital of the United Arab Emirates. It is the Middle East and North Africa region’s largest regulated jurisdiction for virtual asset activities.
The regulator detailed:
“Kraken is the first worldwide cryptocurrency exchange to be granted a Financial Services Permission (FSP) license in the ADGM to run a regulated virtual asset exchange platform to meet the needs of the North Africa region and Middle East.”
Also Read: Meme Token Economy Jumps Close to 10% Higher After Dogecoin Spike Fuels the Pack
According to the release, “Kraken has fulfilled all approval conditions from the Abu Dhabi Global Market Financial Services Regulatory Authority to serve as a Virtual Asset Trading Facility and Custodian in Abu Dhabi as well as the whole United Arab Emirates.”
The regulator stated, adding that Kraken has set its Middle East headquarters in ADGM:
“Kraken would be the United Arab Emirates first virtual asset exchange group, facilitating investment, withdrawal, trading, and deposit of virtual assets in AED currency.”
Kraken Becomes First Global Crypto Exchange Fully Licensed by Abu Dhabi Global Market – The FSRA released a discussion paper on decentralized finance earlier this month. The regulator issued a consultation paper in March proposing significant changes to its capital markets structure, including crypto assets.
