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by Katie Clinebell | Published on April 26, 2022
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Kraken's new license points towards access to global markets and global liquidity for investors.
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The Abu Dhabi Global Market, or ADGM, recently approved an FSP license for Kraken, one of the most well known and utilized cryptocurrency exchange platforms in the United States. This makes Kraken the first US exchange platform to receive their full financial license from the ADGM, allowing them to operate a regulated virtual assistant exchange program in the financial free zone. Kraken met all approval requirements to operate as a multilateral trading facility and has officially established their Middle East headquarters in Abu Dhabi. According to an interview with CNBC’s Dan Murphy, Curtis Ting, Kraken’s managing director of EMEA commented, “We are delighted to have received full approval, and to soon launch regulated AED markets that will sit adjacent to Kraken’s industry-leading ecosystem of crypto products. These include staking, spot markets across 120+ crypto assets, regulated futures, and our forthcoming NFT marketplace.”
A UAE license means a new exchange option for current and future Kraken exchange clients. Kraken will become the first global virtual assets exchange group in the UAE to offer clients the unique ability to invest, trade, withdraw, and deposit virtual assets directly in dirhams. This will give Kraken’s more than 8 million global users access to local currency in Abu Dhabi and Dubai, supporting their goal to facilitate access to global markets and global liquidity.
A Chainalysis data study showed the UAE making up 7% of global trading volumes, ranking them third by volume in the region. As one of the fastest growing cryptocurrency markets in the world, the Middle East has caught the eye of several other exchanges looking to adopt a more “progressive” and friendly approach towards cryptocurrency business.
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For example, Binance, one of the world’s largest exchanges by trading volume, has started creating a presence in the Middle East. Earlier this year, it was approved by the UAE to begin operations and will be recruiting for positions in Dubai. Bybit was given approval to open a new Dubai headquarters in March of 2022 and FTX secured a virtual assets provider license, planning to operate in the country as well. Some other exchanges planning to expand to the Middle East include Crypto.com and BitOasis.
Kraken has officially become the first global virtual trading assets group to obtain its full financial license, opening doors to new investment opportunities and global liquidity for clients. With the Middle East becoming known for their more progressive outlook on cryptocurrency and their pro-regulation status, many big name exchanges are expanding there.
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We’ve found one company that’s positioned itself perfectly as a long-term picks-and-shovels solution for the broader crypto market — Bitcoin, Dogecoin, and all the others. In fact, you’ve probably used this company’s technology in the past few days, even if you’ve never had an account or even heard of the company before. That’s how prevalent it’s become.
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Katie Clinebell is a freelance content creator and digital marketing strategist for FinTech, blockchain, and crypto brands. She has created award-winning campaigns for Snapple and Tai Pei Frozen Asian Food and received an Adobe Academic Achievement Award for content about Olympic athletes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
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