The Abu Dhabi Global Market has granted Kraken permission to operate from the International Financial Center in Dubai and has become the first platform to get license in Dubai.

“We congratulate Kraken in securing its financial licence, and warmly welcome them to ADGM’s fast-growing international virtual assets community,” Dhaher Al-Mheiri, CEO of ADGM Registration Authority said. 

The exchange has received approval from the ADGM Financial Services Regulatory Authority to operate as a multilateral trading facility for virtual assets.

“The UAE is one of the most financially innovative jurisdictions in the world, with region-leading crypto participation rates by both consumer and professional investors. The ADGM and its financial regulator have been true pioneers for global crypto regulation. 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.” said Curtis Ting, managing director of EMEA at Kraken.

Kraken has established its Middle East headquarters in ADGM to oversee its operations and carry out its plans in the UAE.

It will  allow investors to invest, trade, withdraw, and deposit virtual assets directly in dirhams.