The Abu Dhabi Global Market recently awarded Kraken a license, making the Middle East a popular destination for crypto exchanges. Kraken claims to be the first global virtual asset exchange organization to have a full financial license from the ADGM in the United Arab Emirates. As a result, the Abu Dhabi Global Market has granted the go-ahead for crypto exchange Kraken.
According to ADGM Registration Authority CEO Dhaher Al-Mheiri:
“We congratulate Kraken in securing its financial license, and warmly welcome them to ADGM’s fast-growing international virtual assets community”.
Entry into the UAE
The virtual asset trading platform has satisfied all of the ADGM Financial Services Regulatory Authority’s standards. Through the license as a stepping stone, Kraken has built its Middle East headquarters to drive its company and achieve its goals in the United Arab Emirates. As a result, investors will be able to invest, trade, withdraw and deposit virtual assets directly in dirhams, making it the UAE’s first worldwide exchange group for virtual assets.
According to Curtis Ting, managing director at Kraken, local currencies, not simply the US dollar or the British pound, should be used as trading pairings in global markets. In addition, Kraken’s goal is to take advantage of the new operating license in Abu Dhabi to better integrate with local banks and payment service providers. Ting is certain that this will help the crypto exchange in the United Arab Emirates to provide global liquidity to the market. According to Dhaher bin Dhaher, CEO of the Abu Dhabi Global Markets Registration Authority, Kraken, which presently has over 8 million members globally, would begin operations in this year’s second or third quarter.