AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- The Kraken Group, founded in 2011, serves customers in around 60 countries.
- Kraken has set up its regional headquarters in Abu Dhabi.
- The exchange may start operations in the second or the third quarter of 2022.
Cryptocurrency exchange, Kraken, has obtained a license to operate in Abu Dhabi, the UAE capital and one of the country's seven emirates.
On Monday, the Abu Dhabi Global Market (ADGM) said that the exchange had been authorized to operate a regulated crypto exchange in the financial free zone. Reuters reported that Kraken is the first crypto exchange to get a full financial license from ADGM.
Kraken MENA or Kraken Middle East and North Africa would provide clients regulated funding, trading, and custodial services in UAE currency Dirham to access virtual assets.
The announcement comes after Kraken named its new chief marketing officer Mayur Gupta last Tuesday. He previously worked with several prominent firms, including publishing company Gannett Co., meal-subscription firm Freshly, and audio streaming firm Spotify Technology SA.
Video: Binance (BNB) Gets Major Boost After Nod To Operate In Abu Dhabi
The Kraken Group, founded in 2011, serves more than eight million customers in 60 countries.
Kraken had already set up its regional headquarters in Abu Dhabi. According to ADGM, the exchange may start operations in the second or the third quarter of this year.
Also Read: Why Hawksight (HAWK) crypto surged 100%?
Also Read: Why is TRON (TRX) crypto riding high?
Other ADGM approvals in pipeline
Early in April, it received an “in-principle” approval from ADGM to operate as a broker-dealer in virtual assets. In March, Binance received a license to operate in Dubai.
Also Read: Is Polygon (MATIC) crypto gaining attention on Stripe news?
Crypto exchange FTX also received a virtual asset service provider license (VASP) in March to operate in Dubai. FTX may set up its regional headquarters in Dubai.
In addition, the country’s first virtual asset service provider, BitOasis, had secured a provisional approval from ADGM. Besides these exchanges, a few others are planning to enter the region.
Also Read: Why is Kyber Network Crystal v2 (KNC) crypto drawing attention?
Bottom line:
UAE has been trying to establish itself as a major cryptocurrency hub in the region. It has already passed laws for the crypto market. UAE’s foray into the digital asset market stands in contrast to nations like China, which prohibited crypto mining and other related activities.
Dhaher bin Dhaher, the CEO of Abu Dhabi Global Market’s Registration Authority, said the country’s “progressive” approach has helped attract crypto companies from around the world.
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.
