A well-known cryptocurrency exchange, Kraken, has joined the Abu Dhabi Global Market (ADGM), which is an international financial centre in Abu Dhabi. An ADGM press release said the news today, and it said it in a big way.
Kraken was able to meet all of the requirements set by the Financial Services Regulatory Authority (FSRA) of ADGM to operate as a Custodian and Virtual Asset Multilateral Trading Facility (MTF) in Abu Dhabi and the rest of the United Arab Emirates. This news comes after that.
In ADGM’s words, “Kraken is the first global cryptocurrency exchange to get a Financial Services Permission (FSP) licence to run an ADGM-regulated virtual asset exchange platform.” This allows them to serve people in the Middle East and North Africa.
People in the United Arab Emirates will be able to trade, invest, deposit, and withdraw cryptocurrencies on Kraken. This means that it will be the first global cryptocurrency exchange in the UAE.
Curtis Ting, the managing director of EMEA at Kraken, said that the UAE is one of the most innovative places in the world because of its high rates of crypto participation by both consumers and professional investors. This is how the ADGM and its financial regulator have been true pioneers in the world of crypto regulation:
Because Kraken wants to show how much it cares about Abu Dhabi and the United Arab Emirates, it has also set up shop in the Middle East in ADGM. People who have been in the business a long time will run the headquarters. They’ll be in charge of growing the business in the United Arab Emirates.
