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Kraken Receives UAE License to Operate as a Regulated Crypto Exchange
The exchange joins several counterparts plotting moves to or gaining licenses in the United Arab Emirates.
Updated May 11, 2023, 5:39 p.m. Published Apr 25, 2022, 9:31 a.m.
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, according to a press 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 crypto exchange to receive a full financial license from ADGM and aims to provide seamless access to cryptocurrencies through regulated funding, trading and custodial services in dirhams, a local currency.
- Kraken will facilitate investing, trading, withdrawals and deposits of bitcoin and ether directly in the 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 toward crypto businesses.
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
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A16z Crypto to Open Seoul Office, Hire Sungmo Park to Lead Asia Efforts
Andreessen Horowitz's crypto venture capital unit pointed to high levels of crypto ownership in South Korea and Singapore, and growing onchain activity in Japan.
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- Venture fund a16z crypto is opening its first office in Asia, located in Seoul, and named Sungmo Park to lead it.
- The Seoul office aims to build partnerships and accelerate community growth across the region.
- South Korea's active onchain community and developer ecosystem probably influenced the fund's decision to choose Seoul over other Asian financial hubs.
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