Kraken Receives License to Operate in Abu Dhabi

by in Cryptocurrency News

Kraken United Arab Emirates

More crypto exchanges get licenses to provide services in the UAE. The latest of them became Kraken. The company is expanding into the Middle East and will open offices in Abu Dhabi Global Market (ADGM).

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Previously, digital asset platforms Binance and FTX got licenses to function in the country as virtual asset trading platforms.

According to a Bloomberg article, Kraken will probably start operations in Q2 or Q3 of this year, the CEO of ADGM’s Registration Authority Dhaher bin Dhaher said. Kraken has over 8 M users worldwide. It is one of the platforms with the highest trading volumes. According to CoinMarketCap, the 24-hour trading volume of the platform stands at above $850 million.

Users will be able to purchase, sell, withdraw and deposit cryptos in dirhams. The UAE aims to attract the largest crypto companies in the globe. ADGM formed a virtual asset regulatory ground in 2018. It was the first jurisdiction in the world to present a comprehensive regulatory ground for crypto.

Previously, Dubai revealed the formation of the Dubai Virtual Asset Regulatory Authority to supervise the space.