Crypto exchange Kraken has received a Financial Services Permission (FSP) license from the Abu Dhabi Global Market (ADGM) to operate a regulated exchange platform in the United Arab Emirates (UAE).
- The ADGM is a free zone for financial companies to set up shop in the UAE capital and provide services to users within the region. Kraken would service the needs of the Middle East and North Africa (MENA) region, according to a press release shared with CoinDesk.
- Kraken 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, the release said.
- Kraken says it is the first crypto exchange to receive a full financial license from ADGM and aims to provide seamless access to cryptocurrencies through regulated funding, trading and custodial services in dirhams, a local currency.
- Kraken will facilitate investing, trading, withdrawals and deposits of bitcoin and ether directly in the local currency.
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