Kraken Becomes First Global Crypto Exchange Fully Licensed by Abu Dhabi Global Market

Kraken Becomes First Global Crypto Exchange Fully Licensed by Abu Dhabi Global Market

Abu Dhabi Global Market has awarded a full financial license to crypto exchange Kraken. “Kraken will be the first global virtual assets exchange group in the UAE to offer investors the ability to invest, trade, withdraw and deposit virtual assets (bitcoin and ether) directly in local AED currency,” the regulator explained. Kraken Establishes Middle East Headquarters

Abu Dhabi Global Market (ADGM) announced Monday that cryptocurrency exchange Kraken has become “the first global virtual assets exchange group in the UAE to receive a full financial license from ADGM.”

Abu Dhabi Global Market is an international financial center and free zone in Abu Dhabi, the capital of the United Arab Emirates (UAE). It is the largest regulated jurisdiction of virtual asset activities in the Middle East and North Africa (MENA) region.

The regulator explained: Kraken is the first global cryptocurrency exchange to receive a Financial Services Permission (FSP) license to operate a regulated virtual asset exchange platform in the ADGM to service the needs of the Middle East and North Africa region.

“Kraken has met all approval conditions from the Financial Services Regulatory Authority (FSRA) of ADGM to operate as a Virtual Asset Multilateral Trading Facility (MTF) and Custodian in Abu Dhabi and the wider UAE,” the announcement details.

Noting that Kraken has established its Middle East headquarters in ADGM, the regulator said: Kraken will be the first global virtual assets exchange group in the UAE to offer investors the ability to invest, trade, withdraw and deposit virtual assets (bitcoin and ether) directly in local AED currency.

Earlier this month, the FSRA issued a discussion paper on decentralized finance (defi). In March, the regulator published a consultation paper proposing significant amendments to its capital markets framework, including in crypto assets.

The FSRA also awarded cryptocurrency exchange Binance in-principle approval this month “to operate as a broker-dealer in virtual assets.” Tags in this story Binance, Bitcoin, Crypto, crypto exchange kraken, Cryptocurrency, Kraken, kraken abu dhabi, kraken licensed uae, kraken uae, kraken uae headquarters

What do you think about Kraken being the first global crypto exchange to be licensed by the ADGM? Let us know in the comments section below. Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. US Treasury"s OFAC Adds 3 ETH Addresses Linked to North Korean Cybercrime Group to SDN List REGULATION | 3 days ago IMF: India Is on the Frontline of Digital Currencies — Especially How It Handles Crypto Risks REGULATION | 3 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleQuik․com’s Limited NFT Domains Minting is Now Live Next articleMining Report Shows Bitcoin’s Electricity Consumption Decreased by 25% in Q1 2022 Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItArgentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments

The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. This organization will serve as a link between private entities and the institution, ... read more.Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether