Kraken Expands Crypto Services in UAE with VARA Approval
- Kraken has received preliminary approval from Dubai’s Virtual Asset Regulatory Authority (VARA) to expand its crypto services in the UAE.
- The approval allows Kraken to offer spot and margin trading, over-the-counter services, and staking products locally.
- Clients will have access to Kraken’s global trading infrastructure, including liquidity pools across major markets like the US, Europe, and Asia-Pacific.
- Users in the UAE can deposit and withdraw funds directly in UAE dirhams through a locally regulated subsidiary.
- Dubai’s regulatory framework is attracting global firms seeking clarity as digital asset rules remain fragmented elsewhere.
Kraken’s entry into Dubai highlights the UAE’s growing role as a global hub for digital assets due to its clear regulatory environment. The exchange plans to offer comprehensive crypto services pending final approvals, reinforcing Dubai’s position as a leader in crypto market infrastructure development.
This move by Kraken exemplifies how Dubai’s proactive approach to crypto regulation is drawing significant institutional capital and liquidity into the region. (Source)
