Kraken set to operate crypto exchange in UAE

Abu Dhabi Global Market (ADGM) on Monday said it has licenced the Kraken group to operate a regulated virtual asset exchange platform in the financial free zone.

“Kraken is the first global virtual assets exchange group in the UAE to receive a full financial licence from the ADGM,” it said.

UAE an innovative financial jurisdictions

Kraken Mena aims to provide access to virtual assets through regulated funding, trading, and custodial services in dirhams, UAE’s 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.

“We are delighted to have received full approval, and to soon launch regulated AED markets that will sit adjacent to Kraken’s industry-leading ecosystem of crypto products, including staking, spot markets across 120+ crypto assets, regulated futures, and our forthcoming NFT marketplace. We are excited to expand our products and services in the MENA region in the months and years ahead,” Ting said.

ADGM’s trusted regulatory framework

ADGM introduced a virtual asset regulatory framework in 2018 and has since established itself as a leading global hub and business platform for virtual asset activities for local, regional and international firms.

“As an International Financial Centre and business enabler, ADGM has been doubling-down its efforts in accelerating new growth and investment opportunities, like the virtual assets sector, while supporting the financial sustainability and the economic diversification of Abu Dhabi,” Dhaher bin Dhaher, CEO of the Registration Authority at ADGM, said.

He said Kraken’s presence bears testament to ADGM’s trusted regulatory framework and proven track-record in supporting the growth of local and global virtual assets exchanges and service providers.

“We look forward to working closely with Kraken in upholding the market integrity and furthering the development of the financial market ecosystem in Abu Dhabi and the wider UAE.”

The UAE’s main business hub, Dubai, has also been attracting crypto-currency firms as it issued its first law governing digital assets and formed the Virtual Asset Regulatory Authority to oversee the sector in March.

The Kraken group, founded in 2011, serves more than nine million customers across 60 countries.

— muzaffarrizvi@khaleejtimes.com