Abu Dhabi Global Market (ADGM) has announced that it has licensed Kraken Group to operate a virtual asset exchange platform in the financial free zone.
The Abu Dhabi Global Market (ADGM) said in a statement that Kraken is the first global virtual asset exchange group in the UAE to obtain a full financial license from ADGM.
Kraken MENA aims to provide options for accessing virtual assets through structured financing, trading, and custody services in UAE dirhams.
The Abu Dhabi market introduced a virtual asset regulatory framework in 2018, establishing itself as a leading global hub and business platform for virtual asset activities for local, regional and international companies.
Kraken established its regional headquarters in the Abu Dhabi Global Market, to provide its services in the Middle East and North Africa region.
Kraken is the first global cryptocurrency exchange to receive a full financial license and regulatory approval to operate a virtual asset trading platform on the Abu Dhabi Global Market.
According to the new license, Kraken will begin providing its services to clients in UAE and the Middle East and Africa region, with the ability to invest, trade, withdraw and deposit virtual assets, such as Bitcoin and Ethereum, directly in UAE dirhams.
With Kraken fulfilling the conditions for approval from the ADGM Financial Services Regulatory Authority to allow it to launch and operate its multilateral platform, it will be expected to provide trading and custodian services for assets deposited in UAE dirhams and virtual assets.
The Kraken Group was established in 2011 and serves a customer base of more than 9 million customers in 60 countries.
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