Abu Dhabi Global Market (ADGM) said on Monday it has licenced the Kraken group to operate a regulated virtual asset exchange platform in the financial free zone.
Kraken is the first global virtual assets exchange group in the United Arab Emirates to receive a full financial licence from the ADGM, it said.
Kraken MENA (Middle East and North Africa) aims to provide access to virtual assets through regulated funding, trading, and custodial services in dirhams, UAE’s currency.
ADGM introduced a virtual asset regulatory framework in 2018 and has since established itself as a leading global hub and business platform for virtual asset activities for local, regional and international firms.
UAE’s main business hub, Dubai, has also been attracting crypto-currency firms as it issued its first law governing digital assets and formed the Virtual Asset Regulatory Authority (VARA) to oversee the sector in March.
The Kraken group, founded in 2011, serves more than 9 million customers across 60 countries.
Reporting by Saeed Azhar, Editing by Louise Heavens
This article was originally published by Reuters.