Kraken received an Abu Dhabi Financial Services Permit license to operate in the UAE.
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The crypto-exchange Kraken received a Financial Services Permit (FSP) license from the Abu Dhabi Global Market an area or arena, online or offline, in which commercial dealings are conducted. (ADGM) to operate a regulated regulation is when something is controlled by a specific set of rules. exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. platform in the United Arab Emirates (UAE), in the Middle East.
It is worth noting that the ADGM is a free zone for financial companies to establish themselves in the UAE capital capital is most commonly defined as the large sum of money you would use to invest. and provide services to users within the region. Kraken would serve the needs of the Middle East and North Africa (MENA) region, according to a statement shared by the company with the media.
According to the information, Kraken complied with all conditions of approval by the Financial Services Regulatory Authority. (FSRA) de ADGM para operate as a Multilateral Trading Facility for Virtual Assets (MTF) and Custodian a custodian is responsible for safely holding assets for an institution or individual for a variety of purposes. in Abu Dhabi and the UAE in general.
The first in full license
Likewise, Kraken says it is the first to receive a full financial license from ADGM and aims to provide seamless access to cryptocurrencies through regulated dirham (AED) funding, trading and custody custody is a financial institution's legal capacity to keep and preserve financial assets for its clients to avoid asset theft or loss. services.
According to the CNBC report, after receiving regulatory permission from ADGM and the Financial Services Regulatory Authority for its local debut, Kraken will become the first cryptocurrency exchange to provide direct funding and trading in dirhams (the UAE’s local modena) vs.Bitcoin, Ethereum a decentralized open-source blockchain with smart contracts functionality. and a variety of other cryptocurrencies.
Already other exchanges with permissions
It is worth noting that other exchanges also have life in the seven-emirate federation, a country that, according to media reports, had the strictest rules for crypto companies. According to the information we have given, FTX, Binance , Crypto.com y Bybit established a presence in Dubai earlier this year. when the emirate adopted a more friendly approach to cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. businesses. with the new law.
For example, in March, Binance received authorization to do business in Abu Dhabi, and the company will hire for more than 100 positions in the nation, expanding its operations in the Middle East. Also, Bybit also obtained authority to establish a regional headquarters in Dubai. For its part, FTX also received a virtual asset license to operate in Dubai and plans to launch a regional headquarters in the near future.
It had already been announced in February that the UAE would license crypto companies and businesses in the first quarter.
Squatting and EAU
Hablando con CNBC , Curtis Ting, director gerente de Kraken for Europe, the Middle East and Africa, he said:
“We are incredibly excited to be able to set up our operations directly on the ADGM [Abu Dhabi Global Market] to operate a virtual asset platform a place to buy, sell and store cryptocurrency that finally offers Dirham pairs for investors in the region.”
He added:
“For us, it is really important to facilitate access to global markets and global liquidity how easily a cryptocurrency can be bought and sold without impacting the overall market price. by ensuring that investors and traders in the region have access to local currencies.”
According to Squatting, the UAE debut represents a further foray into a profitable sector that is becoming more attractive. The Middle East is one of the fastest growing cryptocurrency markets in the world, accounting for 7% of global trading volumes, according to data from Chainalysis.
Cada año, los Emiratos Árabes Unidos intercambian casi USD $ 25 mil millones en criptomonedas. Según las estadísticas de Chainalysis from July 2020 to June 2021, it ranks third in the area by volume, behind Turkey (USD $132.4 billion) and Lebanon (USD $26 billion), says Finbold.
Sources: Coindesk , CNBC, Finbold , archivo
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