Abu Dhabi Global Market (ADGM) has welcomed global cryptocurrency exchange Kraken into its financial ecosystem. Kraken is the first global cryptocurrency exchange to receive a Financial Services Authorization (FSP) license to operate a regulated virtual asset exchange platform in the ADGM to serve the Middle East region and of North Africa.
The Kraken Group, founded in 2011, serves a customer base of over nine million in 60 countries.
Kraken has been approved by ADGM’s Financial Services Regulatory Authority (FSRA) to operate as a Multilateral Virtual Asset (MTF) Trading Facility and Custodian in Abu Dhabi and the United Arab Emirates.
The company has also established its Middle East headquarters at ADGM to drive its business and expansion plans in the UAE. Kraken will be the first global virtual asset exchange group in the United Arab Emirates to offer investors the possibility to invest, exchange, withdraw and deposit virtual assets (Bitcoin and Ether) directly in dirhams.
“The UAE is one of the most financially innovative jurisdictions in the world, with some of the best crypto participation rates in the region for both consumers and professional investors. ADGM and its financial regulator were true pioneers in global crypto regulation,” said Curtis Ting, Managing Director EMEA at Kraken.
He added, “We are delighted to have received full approval and to soon launch regulated dirham markets which will be adjacent to Kraken’s leading crypto product ecosystem, including staking, spot markets on more of 120 crypto assets, regulated futures and our upcoming NFT Market. We are excited to expand our products and services in the MENA region in the months and years to come.
Dhaher bin Dhaher, CEO of Registration Authority, ADGM, said, “We congratulate Kraken on obtaining its financial license from the FSRA and welcome it to the growing international virtual asset community of ‘ADGM.
“As an international financial center and business facilitator, ADGM has redoubled its efforts to accelerate new growth and investment opportunities, such as the virtual asset sector, while supporting financial sustainability and economic diversification. of Abu Dhabi”.