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.
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.”
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
SPECIAL REPORT: Illegal miners degrade Ekiti community, engage in child labour
The activities of illegal miners in a community in Ekiti State have caused degradation of the environment, as miners engage...
SPECIAL REPORT: Inside the illegal trading of forest woods in Cross River community
“With a N20,000 bribe, an external buyer can influence the youth in host communities , Cross River State, to cut...
SPECIAL REPORT: Enugu govt watches as waste takes over state, threatens public health, environment
In this report, Arinze Chijioke looks at how delays in evacuation of waste in Enugu State encourages indiscriminate waste disposal, its health implications, and how...
INVESTIGATION: NDDC awards N1bn road contract to poultry farm
The Niger Delta Development Commission (NDDC) in what appears a breach of procurement laws, awarded a contract worth N1.028 billion...
FEATURE… Hard job, low income: Agony of Nigerian commercial drivers
Amid increase in fuel price over the years, coupled with bad roads and insecurity in Nigeria, many commercial drivers have...