Abu Dhabi Global Market (ADGM) revealed on Monday that it has granted Kraken licence to operate a regulated trading platform in the the UAE.
The US crypto exchange has also decided to open its regional headquarters in Abu Dhabi.
Curtis Ting, Kraken’s managing director for Europe, the Middle East and Africa, commented in front of CNBC:
We’re incredibly excited to be able to set up our operations right in the ADGM [Abu Dhabi Global Market] itself to operate a virtual asset platform that finally offers Dirham pairs for investors in the region.
Kraken stated that it is the first global virtual assets exchange group in the United Arab Emirates to receive a full financial licence from the Abu Dhabi regulator.
Kraken MENA’s goals is to provide access to virtual assets through regulated funding, trading, and custodial services in UAE’s currency, dirhams.
The Middle East is one of the fastest-growing crypto markets in the world. Founded in 2011, Kraken serves more than 60 countries and now the exchange offers trading in UAE dirhams against bitcoin, ether and other virtual assets.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.