Cryptocurrency exchange Kraken joins ADGM’s virtual assets community

Abu Dhabi Global Market (ADGM) has welcomed global cryptocurrency exchange Kraken into its financial ecosystem.  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 serve the Middle East and North Africa region.

The Kraken group, founded in 2011, serves a client base of more than nine million across 60 countries.

Kraken has been approved by 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 company has also established its Middle East HQ at ADGM to drive its UAE business and expansion plans.  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 dirhams.

“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.

He added: “We are delighted to have received full approval and to soon launch regulated dirham 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.”

Dhaher bin Dhaher, CEO of the Registration Authority, ADGM, said: “We congratulate Kraken in securing its financial licence from the FSRA and warmly welcome them to ADGM’s fast-growing international virtual assets community.

“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.”