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Crypto exchange Kraken has received a Financial Services Permission (FSP) license from the Abu Dhabi Global Market (ADGM) to operate a regulated exchange platform in the United Arab Emirates (UAE).
The ADGM is a free zone for financial companies to set up shop in the UAE capital and provide services to users within the region. Kraken would service the needs of the Middle East and North Africa (MENA) region, as per a release shared with CoinDesk.
Kraken met all approval conditions from the Financial Services Regulatory Authority (FSRA) of ADGM to operate as a Virtual Asset Multilateral Trading Facility (MTF) and Custodian in Abu Dhabi and the wider UAE, the release said.
Kraken says it is the first to receive a full financial licence from ADGM and aims to provide seamless access to cryptocurrencies through regulated funding, trading, and custodial services in dirhams (AED).
Kraken will facilitate investing, trading, withdrawl and deposit of bitcoin and ether directly in local currency.
Kraken joins several exchanges setting up shop in the UAE following stricter rules and tighter regulations for crypto businesses worldwide. Binance, Crypto.com, and Bybit set up a presence in Dubai earlier this year as the emirate adopted a friendlier approach towards crypto businesses.