Abu Dhabi's first licensed crypto exchange, Kraken, is live.
27-04-2022
By: Lokesh Gupta
Kraken is Abu Dhabi's first fully operational licensed cryptocurrency
Kraken, a cryptocurrency marketplace, has been granted complete financial authorization by Abu Dhabi International Market. "Kraken could be the first worldwide virtual commodities exchanging organization in the UAE to give customers the funds to grow, trade, withdraw and transfer virtual commodities directly in domestic AED currencies," according to the commission.
The Abu Dhabi Worldwide Market said on Monday that bitcoin exchange Kraken is the "first globally distributed commodities exchange organization inside the Emirates to get a complete financial license by ADGM."\ (ADGM)is a free environment and global financial centre in Abu Dhabi, headquartered in the United Arab Emirates (UAE). It is the Middle East and North Africa (MENA) region's biggest authorized location for the cryptocurrency-related activity. Kraken is the first worldwide decentralized cryptocurrency to get a Financial Services Permission (FSP) operating license an authorized cryptocurrency-related exchange system in the ADGM to suit the needs of the Middle East and North Africa regions, according to the authority.
"Kraken has satisfied all eligibility requirements from the ADGM's Financial Services Regulatory Authority (FSRA) to act as a Digital Property Multilingual Trading Facility (MTF) and Custody in Abu Dhabi and the entire UAE," according to the release. Kraken is the first globally distributed investments transfer gathering in the UAE to can provide stockholders the investment, commerce, retract, and reserve virtual resources (bitcoin and ether) directly in local AED currency, according to the control board, who noted that Kraken has put in place its Middle East command centre in ADGM. The FSRA published a consultation document on decentralised banking late last month. The government issued a research document in March suggesting major changes to its stock exchange structure, encompassing digital currencies.
This month, the FSRA also granted Binance an in-principle licence to "act as a realtor in data assets."
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