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.

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.

About Kraken

Kraken is a United States-based cryptocurrency exchange and bank, founded in 2011. The exchange provides trading between cryptocurrency and fiat currencies and provides price information to Bloomberg Terminal.

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