Kraken secured preliminary approval from Dubai’s Virtual Asset Regulatory Authority to expand crypto services in the UAE through a locally regulated entity. Payward, the company behind Kraken, received initial authorization for a broker-dealer, investment, and management license in Dubai. The approval enables Kraken to offer spot and margin trading, over-the-counter services, staking products, institutional access via Kraken Prime, and user crypto transfers through its Krak payment system. Clients in the UAE will access Kraken’s global trading infrastructure, including liquidity pools connected to major markets across the United States, Europe, and Asia-Pacific. Users will be able to deposit and withdraw funds in UAE dirhams through the local subsidiary, improving access to global crypto markets. Kraken plans additional services such as staking, OTC, and derivatives pending final approvals.
"Kraken secured preliminary VARA approval to expand crypto services in the UAE. Dubai's crypto rules are attracting exchanges as global firms seek regulatory clarity. Kraken plans UAE staking, OTC, and derivatives services pending final approvals. Kraken is preparing to deepen its presence in the Middle East after securing preliminary approval from Dubai's Virtual Asset Regulatory Authority (VARA), marking another milestone in the United Arab Emirates' push to become a global center for digital assets."
"Payward, the financial infrastructure company behind Kraken, said it received initial authorization for a broker-dealer, investment, and management license in Dubai. The approval clears the way for the exchange to offer a broad range of crypto services through a locally regulated entity. The planned offering will include spot and margin trading, over-the-counter services, staking products, institutional access through Kraken Prime, and crypto transfers between users via its Krak payment system."
"Clients in the UAE will also gain access to Kraken's global trading infrastructure, including liquidity pools tied to major markets across the United States, Europe, and Asia-Pacific. Through a locally regulated subsidiary, users will be able to deposit and withdraw funds directly in UAE dirhams, streamlining access to global crypto markets."
"Dubai wrote a rulebook for crypto before most jurisdictions even acknowledged the asset class, said Arjun Sethi, co-CEO of Payward and Kraken. That clarity is why real liquidity and institutional capital now sit in the UAE. Sethi said operating under VARA's framework allows Kraken to serve regional clients through a locally supervised structure rather than relying on offshore entities, an issue that has become increasingly important as regulators worldwide tighten oversight of digital asset platforms."
Read at news.bitcoin.com
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