According to the ADGM, Kraken is the first worldwide virtual asset exchange organisation to get a complete financial licence in the UAE.
Kraken MENA (Middle East and North Africa) seeks to give people in the Middle East and North Africa (MENA) access to virtual assets through regulated funding, trading, and custodial services in UAE dirhams.
In 2018, ADGM built a virtual asset regulatory framework, and it has since become a prominent worldwide centre and commercial platform for virtual asset operations for local, regional, and international enterprises.
In March, the UAE’s major economic centre, Dubai, adopted its first legislation controlling digital assets and established the Virtual Asset Regulatory Authority (VARA) to supervise the industry, luring crypto-currency enterprises.
The Kraken organisation, which was created in 2011, has over 9 million clients in 60 countries.
Binance Holdings Ltd., the world’s largest cryptocurrency exchange by trading volume, has received ADGM’s in-principle authorisation to operate as a virtual asset broker-dealer. This happened just a month after the company was granted a permit to operate in Dubai.
Last month, FTX, one of Binance’s biggest rivals, got a virtual asset service provider licence in Dubai and announced ambitions to open a regional headquarters there.
BitOasis, the country’s first VASP, has also received provisional certification from the regulatory authority, while Bybit and Crypto.com are extending their operations.
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