Cryptocurrency exchange Kraken gets ADGM license – ITP.net

Cryptocurrency exchange Kraken gets ADGM license – ITP.net

Cryptocurrency exchange Kraken has received license to operate as a Virtual Asset Multilateral Trading Facility (MTF) and Custodian in Abu Dhabi and the wider UAE.

It is the first such exchange to receive a Financial Services Permission (FSP) licence to operate a regulated virtual asset exchange platform in the Abu Dhabi Global Market (ADGM) to service the needs of the Middle East and North Africa region. 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 directly in local AED currency.

“The UAE is one of the most financially innovative jurisdictions in the world, with region-leading crypto participation rates by both consumer and professional investors. The ADGM and its financial regulator have been true pioneers for global crypto regulation,” said Curtis Ting, managing director of EMEA at Kraken.