Kraken to Expand in Dubai After VARA Approval
Kraken's operator, Payward, has secured preliminary regulatory approval from Dubai's VARA to expand its cryptocurrency exchange services within the United Arab Emirates.Summary
Cryptocurrency exchange Kraken has moved closer to launching in the United Arab Emirates after its parent company, Payward, received preliminary approval from Dubai’s Virtual Assets Regulatory Authority (VARA). The license covers broker-dealer, investment, and management services. Once fully launched, Kraken intends to provide UAE dirham funding, margin and over-the-counter trading, and access to Kraken Prime for institutional clients.
This development strengthens Kraken's presence in the region, following its 2022 authorization to operate in the Abu Dhabi financial free zone. Dubai continues to attract major global crypto firms, with 49 active companies now registered under VARA. Executives credit Dubai's proactive and clear regulatory framework for the region's emergence as a significant global hub for digital assets.
(Source：Cointelegraph)