Kraken Gains Regulatory Nod to Operate in Dubai
- Payward, Kraken’s parent company, received preliminary broker-dealer and investment management authorization from Dubai’s Virtual Asset Regulatory Authority (VARA).
- Kraken will offer virtual asset services including spot and margin trading, OTC services, staking, and crypto transfers in the UAE.
- UAE customers can fund accounts and withdraw in dirhams through Payward FZCO, a locally regulated subsidiary.
- Dubai established VARA in 2022 to regulate digital asset businesses, attracting major exchanges like Binance, Crypto.com, and OKX.
- Kraken plans to expand its offerings in Dubai to include derivatives and new investment products for qualified clients.
Kraken has secured regulatory approval to operate in Dubai under the supervision of the emirate’s Virtual Asset Regulatory Authority (VARA). This move allows them to provide a range of virtual asset services to both retail and professional investors within the UAE.
The approval positions Kraken alongside other major exchanges operating under VARA’s comprehensive framework as the UAE strengthens its status as a crypto hub. (Source)
