Kraken MENA aims to provide seamless access to virtual assets through regulated funding, trading and custodial services in dirhams (AED)
ADGM is largest regulated jurisdiction of virtual asset activities in the MENA region
ABU DHABI, United Arab Emirates : Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, is pleased to welcome Kraken to its fast-growing virtual asset community and 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 service the needs of the Middle East and North Africa region.
Kraken has met all approval conditions from 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.
Affirming its commitment to Abu Dhabi and the UAE, Kraken has established its Middle East HQ in ADGM with an experienced senior executive leadership team to drive its UAE business and 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 local AED currency.
ADGM introduced the world’s first comprehensive and robust 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. ADGM’s virtual asset framework is well recognised globally for its comprehensive regulations and applications and it is the largest regulated jurisdiction of virtual assets in the MENA region.
“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.”
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.
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 Kraken group, founded in 2011, is the first ever global crypto exchange to receive a license, and serves a client base of more than 9 million across 60 countries
About Kraken:
Kraken is one of the world’s largest global digital asset platforms and a leader in euro volume and liquidity. Globally, Kraken’s client base trades more than 100 crypto assets and 7 different fiat currencies, including GBP, EUR, USD, CAD, JPY, CHF and AUD, with AED to be supported soon.
Kraken, with currently just under 3,000 employees, was founded in 2011 and was one of the first exchanges to offer spot trading with margin, parachain auctions, staking, regulated derivatives and index services. Kraken is trusted by over 8 million traders and institutions around the world and offers professional, round-the-clock online support.
Kraken is backed by investors including Tribe Capital, SkyBridge, Hummingbird Ventures, Blockchain Capital, Digital Currency Group, among others. Kraken markets can be monitored and traded through the Kraken iOS and Android apps, and through the Cryptowatch iOS, Android and Desktop apps.
For more information about Kraken, please visit www.kraken.com.
About Abu Dhabi Global Market (ADGM)
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global trade and business hub serving as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths spanning over private banking, wealth management, asset management, derivatives and commodities trading, financial innovation, sustainability and more. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as an IFC governs the entire 114 hectares (1.14sqkm) of Al Maryah Island which is a designated financial free zone.
It enables registered financial and non-financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on common law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for four consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
For more details on ADGM, please visit www.adgm.com or follow us on Twitter and Instagram: @adglobalmarket and LinkedIn: @Abu Dhabi Global Market (ADGM)
* Source: The Global Investor Middle East and North Africa (MENA) Awards
For media enquiries:
Simon Hailes
Financial Services Director
Edelman
E : Simon.Hailes@edelman.com
