Crypto exchange startup, Kraken, eyes expansion into UAE

One of the world’s largest cryptocurrency exchange platforms, Kraken, has been granted a full financial licence to operate in the UAE.

The approval was granted by Abu Dhabi Global Market (ADGM), the largest regulated jurisdiction of virtual asset activities in the Middle East and North Africa (MENA) region

Ripples Nigeria gathered that the UAE aims to become a regional hub for cryptocurrency exchanges as it works to build a decentralized economy in the capital.

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Earlier in April, the FSRA issued a discussion paper on decentralized finance (defi) after the regulator published a consultation paper proposing significant amendments to its capital markets framework, including in crypto assets, in March.

Home to more than nine million users in 60 countries, Kraken, according to a statement from the regulator, will be the first global crypto brand to be approved.

The statement reads: “Kraken is the first global cryptocurrency exchange to receive a Financial Services Permission (FSP) license to operate a regulated virtual asset exchange platform in the ADGM to service the needs of the Middle East and North Africa region.”

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