ADGM licenses Kraken to Operate Crypto Exchange

Abu Dhabi Global Market (ADGM) announced that it has licensed Kraken Group to operate a virtual asset exchange platform regulated in the Financial free Zone. Kraken is the first global virtual asset exchange group in the United Arab Emirates to obtain a full financial license from ADGM.

Kraken MENA (Middle East and North Africa) aims at providing access to virtual assets through regulated funding, trading, and custodial services in UAE’s currency, Dirhams. The Kraken group, founded in 2011, serves more than 9 million customers across 60 countries.

ADGM introduced a virtual asset regulatory framework in 2018 and has established itself as a leading global hub and business platform for virtual asset activities for local, regional and international firms. 

Dubai, the UAE's leading business hub, also attracted cryptocurrency companies when it issued its first digital assets law and established the Virtual Asset Regulatory Authority (VARA) in March to oversee this sector.