ADGM approves Kraken to be a Virtual Asset Multilateral Trading Facility in UAE

By Arya M Nair, Official Reporter
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Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, has welcomed Kraken, a US-based cryptocurrency exchange and bank, to its fast-growing virtual asset community and financial ecosystem.

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 serve the needs of the Middle East and North Africa (MENA) region.

The exchange 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.

Kraken has established its Middle East headquarters in ADGM to drive its UAE business and plans, confirming its commitment to country. Kraken will be the first global virtual asset exchange group in the UAE to allow investors to invest, trade, withdraw and deposit virtual assets such as Bitcoin and Ether directly in UAE currency.

Curtis Ting
Curtis Ting
MD – Kraken EMEA

“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. 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.”

Mr. Dhaher bin Dhaher, CEO of the Registration Authority, ADGM, said that “We congratulate Kraken in securing its financial license 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. ”

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