- The Abu Dhabi Global Market (ADGM) has welcomed Kraken to its expanding crypto community and financial ecosystem.
- This news follows after Kraken was able to meet all of the approval conditions set out by the Financial Services Regulatory Authority (FSRA) of ADGM.
- Kraken has also established its Middle East headquarters in ADGM as a sign of its commitment to Abu Dhabi and the UAE.
The International Financial Center in Abu Dhabi, Abu Dhabi Global Market (ADGM), has welcomed the well-known cryptocurrency exchange, Kraken, to its expanding crypto community and financial ecosystem. The announcement was made today in a press release released by ADGM.
This news follows after Kraken was able to meet all of the approval conditions set out by the Financial Services Regulatory Authority (FSRA) of ADGM to operate as a Custodian and Virtual Asset Multilateral Trading Facility (MTF) in Abu Dhabi as well as the general UAE.
According to 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.”
What this means is that Kraken will be the first global cryptocurrency exchange in the UAE that will enable investors to trade, invest, deposit and withdraw cryptocurrencies.
The managing director of EMEA at Kraken, Curtis Ting, applauded the forward thinking of ADGM and 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”.
Kraken has also established its Middle East headquarters in ADGM as a sign of its commitment to Abu Dhabi and the UAE. The headquarters will be led by a veteran senior executive team, which will be tasked with driving its business in the UAE.