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

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Justin Ray
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.


“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.


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.”


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Citation : news.bitcoin.com


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