In brief – Payward, Kraken’s parent company, secured preliminary regulatory approval from Dubai’s Virtual Asset Regulatory Authority (VARA). – Services will include spot and margin trading, OTC, staking, transfers, and institutional offerings through Kraken Prime. – UAE…
stomers can fund accounts and withdraw in dirhams through a locally regulated subsidiary. Cryptocurrency exchange Kraken said Thursday that it has secured regulatory approval to operate in Dubai after its parent company Payward received preliminary broker-dealer and investment management authorization from the emirate’s Virtual Asset Regulatory Authority
The authorization permits Kraken to offer virtual asset services to both retail and professional investors in Dubai, according to a company announcement. The exchange will provide United Arab Emirates clients with spot and margin trading, over-the-counter services, staking, crypto transfers, and access to its institutional platform Kraken Prime. UAE traders will connect to Kraken’s global order books across Europe, the United States, and Asia-Pacific markets.
Customers can fund accounts and make withdrawals in dirhams through Payward FZCO, the locally regulated subsidiary. The company plans to expand its Dubai offering to include derivatives, lending, and new investment products for qualified clients. “Dubai wrote a rulebook for crypto before most jurisdictions even acknowledged the asset class,” said Payward and Kraken Co-CEO Arjun Sethi, in a statement. “That clarity is why real liquidity and institutional capital now sit in the UAE. Operating under VARA puts Kraken inside that perimeter, serving clients through a local, supervised entity rather than from offshore.” The executive contrasted Dubai’s framework with other markets. “Clients in the UAE get the same order book, the same balance sheet, and the same multi-asset coverage we run in every other market,” Sethi said. “The difference is that the rulebook is written down and the supervisor is…