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Kraken Exchange Receives Licence to Operate in Abu Dhabi: ADGM

Kraken Exchange Receives Licence to Operate in Abu Dhabi: ADGM

The Kraken group, founded in 2011, serves more than 9 million customers across 60 countries.

By Gadgets360 Staff with Inputs from Reuters | Updated: 25 April 2022 16:13 IST

Kraken Exchange Receives Licence to Operate in Abu Dhabi: ADGM

Photo Credit: Twitter/ Kraken

Dubai issued its first law governing digital assets and formed the VARA to oversee the sector in March

Highlights

ADGM introduced a virtual asset regulatory framework in 2018
The Kraken group was founded in 2011
Kraken group serves more than 9 million customers

Abu Dhabi Global Market (ADGM) said on Monday it has licenced the Kraken group to operate a regulated virtual asset exchange platform in the financial free zone.

Kraken is the first global virtual assets exchange group in the United Arab Emirates to receive a full financial licence from the ADGM, it said.

Kraken MENA (Middle East and North Africa) aims to provide access to virtual assets through regulated funding, trading, and custodial services in dirhams, UAE's currency.

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ADGM introduced a virtual asset regulatory framework in 2018 and has since established itself as a leading global hub and business platform for virtual asset activities for local, regional and international firms.

UAE's main business hub, Dubai, has also been attracting cryptocurrency firms as it issued its first law governing digital assets and formed the Virtual Asset Regulatory Authority (VARA) to oversee the sector in March.

The Kraken group, founded in 2011, serves more than 9 million customers across 60 countries.

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Earlier this month, Binance crypto exchange also received the necessary approvals to operate as a broker-dealer of virtual assets in Abu Dhabi. Binance has operational licences in three UAE regions including Dubai and Bahrain.

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