ABU DHABI, 25th April, 2022 (WAM) — The Abu Dhabi Global Market (ADGM), Abu Dhabi’s international financial hub, has welcomed Kraken to its growing virtual asset community and financial ecosystem.
Kraken is the first global cryptocurrency exchange to receive a Financial Services Authorization (FSP) license to operate a regulated virtual asset exchange platform in ADGM to serve the needs of the Middle East region. East and North Africa.
The exchange has met all ADGM Financial Services Regulatory Authority (FSRA) approval requirements to operate as a multilateral virtual asset (MTF) trading platform and depository in Abu Dhabi and the WATER.
Affirming its commitment to Abu Dhabi and the UAE, Kraken has established its Middle East headquarters at ADGM with an experienced management team to carry out its activities and projects in the UAE. Kraken will be the first global virtual asset exchange group in the UAE to offer investors the ability to invest, trade, withdraw and deposit virtual assets directly in local AED currency.
ADGM introduced the world’s first comprehensive and robust virtual asset regulatory framework in 2018 and has since established itself as a leading global hub and business platform for virtual asset-related activities for local, regional and international. The ADGM Virtual Assets Framework is well-recognized globally for its comprehensive regulations and applications and it is the largest regulated virtual asset jurisdiction in the MENA region.
“The UAE is one of the most financially innovative jurisdictions in the world, with leading crypto participation rates in the region for both consumers and professional investors. The ADGM and its financial regulator have been true pioneers of global crypto regulation,” said Curtis Ting, Managing Director of EMEA at Kraken.
He added, “We are delighted to have received full approval and to soon launch AED Regulated Markets which will be adjacent to Kraken’s industry-leading crypto product ecosystem including staking, spot markets for more. of 120 crypto assets, regulated futures and our future NFT marketplace. We are excited to expand our products and services in the MENA region in the months and years to come.”
CEO of registration authority, ADGM, Dhaher bin Dhaher, said: “We congratulate Kraken on obtaining their financial license from the FSRA and warmly welcome them to the international ADGM virtual asset community, which is growing rapidly.As an international financial center and business facilitator, ADGM has redoubled its efforts to accelerate new growth and investment opportunities, such as the virtual asset sector, while supporting financial sustainability. and Abu Dhabi’s economic diversification.
Kraken’s presence is a testament to the reliability of ADGM’s regulatory framework and its ability to support the growth of local and global virtual asset exchanges and service providers. We look forward to working closely with Kraken to preserve market integrity and foster the development of the financial markets ecosystem in Abu Dhabi and across the UAE.”
The Kraken Group, founded in 2011, is the first-ever global cryptocurrency exchange to receive a license, and serves a customer base of over 9 million across 60 countries.
Translated by: Gihane Fawzi.
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ADGM welcomes “Kraken”, a global virtual asset exchange, to its international financial center
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