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25 Apr 2022

Abu Dhabi Grants Operating License to Crypto Exchange Firm Kraken

Abu Dhabi Grants Operating License to Crypto Exchange Firm Kraken

The Index Today

One of the world’s largest cryptocurrency exchanges, Kraken, has obtained a license from Abu Dhabi to operate and establish its regional headquarters in the capital of the United Arab Emirates.

According to Bloomberg News, Kraken, which has an extensive clientele spanning 8 million worldwide, will now permit users to trade, deposit, invest, and withdraw digital assets directly in dirhams. Abu Dhabi Global Market’s Registration Authority’s (ADGM) CEO Dhaher bin Dhaher revealed that the company is set to commence business during the second or third quarter of the year.

This comes after the world’s largest crypto exchange firm, Binance Holdings Ltd., recently obtained an in-principle permit from Abu Dhabi’s licensing body to function as a broker-dealer in digital assets, prior to which it received an operating license from Dubai.

©Photo: Financial Times