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Kraken receives Abu Dhabi’s first virtual asset exchange license
Kraken aims to enable investors in the region to trade, withdraw and deposit Bitcoin and Ether directly in Emirati dirhams Abu Dhabi Global Market (ADGM) launched its crypto framework in 2018 Kraken is set to expand its presence to the United Arab Emirates, but unlike some of its competitors, the exchange is opting for Abu Dhabi rather than Dubai. The company announced that it is the first exchange to receive a full financial license to operate as a regulated virtual asset exchange platform on the Abu Dhabi Global Market (ADGM). According to a statement on Monday...
Kraken receives Abu Dhabi’s first virtual asset exchange license
- Kraken möchte es Investoren in der Region ermöglichen, Bitcoin und Ether direkt in Dirham der Emirate zu handeln, abzuheben und einzuzahlen
- Der Abu Dhabi Global Market (ADGM) hat sein Krypto-Framework im Jahr 2018 eingeführt
Kraken will expand its presence to the United Arab Emirates, but unlike some of its competitors, the exchange is opting for Abu Dhabi rather than Dubai.
The company announced that it is the first exchange to receive a full financial license to operate as a regulated virtual asset exchange platform on the Abu Dhabi Global Market (ADGM).
According to a statement on Monday, Kraken will launch its crypto exchange there in the “near future.” It has set up an office and leadership team in Abu Dhabi and plans to scale post-launch.
The exchange seeks to give investors in the region the ability to trade, withdraw and deposit Bitcoin and Ether directly in the local currency, the Emirati dirham. Regional investors currently have to first convert dirhams into dollars, euros, British pounds and other foreign currencies to access crypto trading and investments.
Founded in 2011, Kraken has approximately nine million customers in 60 countries. A Kraken spokesman did not immediately respond to a request for comment.
The ADGM started his frame in 2018 to regulate spot crypto asset activities to “strengthen Abu Dhabi’s economic diversification through innovation and sustainable initiatives.”
Binance receive initial approval by ADGM regulators to operate as a virtual asset broker-dealer earlier this month, as part of its plans to become a fully regulated provider of virtual asset services.
Kraken's competitor received crypto service provider licenses in Dubai and Bahrain, Bloomberg News reported last month.
Crypto exchange FTX also received a license to operate in the United Arab Emirates last month and plans to establish a regional headquarters in Dubai. The news came as the emirate of Dubai - one of seven within the UAE - accepted it first piece of crypto legislation and created a regulatory body to oversee the sector.
Representatives from Binance and FTX did not immediately respond to requests for comment on offerings and plans in the region.
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The post Kraken Receives Abu Dhabi's First Virtual Asset Exchange License is not financial advice.