Kraken gets Abu Dhabi nod to offer full services in MENA

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The Abu Dhabi Glob­al Mar­ket (ADGM) Mon­day said it grant­ed a full license to the glob­al cryp­tocur­ren­cy exchange, allow­ing it to ser­vice cus­tomers across the Mid­dle East and North Africa region.

See relat­ed arti­cle: Dubai could be crypto’s promised land, Citi says

Fast facts

  • The license from the Finan­cial Ser­vices Reg­u­la­to­ry Author­i­ty (FSRA) of ADGM allows Krak­en to pro­vide vir­tu­al asset trad­ing and cus­to­di­al ser­vices in the local cur­ren­cy, the agency said on Mon­day.
  • Through its hub in Abu Dhabi, the cap­i­tal of the Unit­ed Arab Emi­rates, Krak­en will be able to ser­vice cus­tomers across the Mid­dle East and North Africa region (MENA).
  • The ADGM is the largest reg­u­la­tor of dig­i­tal assets in MENA.
  • The ADGM also grant­ed in-prin­ci­ple approval to Binance, the world’s largest cryp­to exchange, ear­li­er this month.
  • The UAE has tak­en a proac­tive approach to cryp­tocur­ren­cy reg­u­la­tion in recent months, attract­ing glob­al dig­i­tal asset ser­vice providers, a senior Citi offi­cial told Forkast recently. 

See relat­ed arti­cle: Cryp­to trav­el rule trans­ac­tions test­ed between Abu Dhabi, Singapore

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