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Kraken Exchange Gets Licence to Operate in Abu Dhabi

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Kraken Exchange Gets Licence to Operate in Abu Dhabi
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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.

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.

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.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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