Crypto exchange Kraken gets licence to operate in Abu Dhabi

Crypto exchange Kraken gets licence to operate in Abu Dhabi

Kraken, one of the world’s biggest cryptocurrency exchanges, received a licence to operate its virtual asset trading platform in Abu Dhabi and has set up its regional headquarters in the city. The firm is expected to start operations during the second or third quarter, according to Dhaher bin Dhaher, CEO of Abu Dhabi Global Market’s Registration Authority. Kraken, which has more than eight million users globally, will allow clients to invest, trade, withdraw and deposit virtual assets directly in dirhams. With countries around the world taking a tough stance on crypto regulation, virtual asset service providers are looking to expand their presence in the UAE due to its “progressive” approach, Dhaher said in an interview. Oil-rich UAE has ramped up efforts to attract the world’s largest crypto firms. Abu Dhabi’s ADGM adopted a virtual asset regulatory framework in 2018, while Dubai passed a law to regulate virtual assets last month. Binance Holdings Ltd., the world’s largest cryptocurrency exchange by trading volume, has in-principle approval from ADGM to operate as a broker-dealer in virtual assets. That came a month after the firm got a licence to operate in Dubai. FTX, one of Binance’s top competitors, received a virtual asset service provider