Kraken receives the first virtual asset Exchange license from Abu Dhabi

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Abu Dhabi-Skyline
  • octopus would like to enable investors in the region to act, withdraw and withdraw Bitcoin and ether directly in Dirham of the Emirates
  • The Abu Dhabi Global Market (ADGM) introduced its crypto framework in 2018

Kraken will extend his presence to the United Arab Emirates, but in contrast to some of his competitors, the stock exchange decides more for Abu Dhabi than for Dubai.

The company announced that it is the first stock exchange that has received a complete financial license for the company as a regulated exchange platform for virtual assets on the Abu Dhabi Global Market (ADGM).

According to an explanation on Monday, Kraken will start his crypto exchange in the “near future”. It has set up an office and a management team in Abu Dhabi and plans to scale after the market launch.

The stock exchange tries to give investors in the region the opportunity to act, take off and pay for Bitcoin and Ether directly in the local currency, the Emiratic dirham. Regional investors currently have to exchange dirhams in dollars, euros, British pounds and other foreign currencies in order to gain access to the crypto trade and investments.

Kraken was founded in 2011 and has about nine million customers in 60 countries. A octopus spokesman did not immediately answer a request for comment.

The ADGM in 2018 to regulate spot-crypto-asset activities, " Economic diversification of Abu Dhabi to strengthen through innovation and sustainable initiatives ”.

Binance ADGM supervisory authorities to operate as a broker dealer for virtual assets at the beginning of this month, as part of his plans to become a fully regulated provider of services for virtual assets.

The competitor of octopus received licenses as a crypto service provider in Dubai and Bahrain, reported Bloomberg News last month.

The FTX crypto exchange also received a license for the company in the United Arab Emirates and intended to build a regional headquarters in Dubai. The news came when the Emirat Dubai - one of seven within the VAE - assumed First piece of crypto legislation and founded a regulatory authority to monitor the sector.

Representatives of Binance and FTX did not immediately respond to inquiries about comments and plans in the region.

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The article gets abu dhabis first virtual asset Exchange license is not a financial advice.