Kraken moves closer to UAE launch after Dubai regulatory approval
Kraken’s parent company, Payward, received preliminary approval from Dubai's VARA, paving the way for UAE dirham funding, margin and OTC trading and institutional access via Kraken Prime.
Cryptocurrency exchange Kraken has moved significantly closer to launching operations in the United Arab Emirates after its parent company, Payward, secured preliminary approval from Dubai's Virtual Asset Regulatory Authority (VARA). The regulatory green light positions Kraken to offer UAE dirham funding options, margin trading, and over-the-counter (OTC) services to local users.
The approval also enables Kraken to provide institutional access through its Kraken Prime platform, marking a major expansion of the exchange's presence in the Middle East region. VARA, established as Dubai's primary virtual asset regulator, has been actively working to create a comprehensive regulatory framework for cryptocurrency businesses operating within the emirate.
This development represents another step in the UAE's broader strategy to establish itself as a global cryptocurrency hub. Dubai has been particularly aggressive in attracting major crypto firms, offering clear regulatory pathways and business-friendly policies. Kraken's entry into the market could intensify competition among international exchanges seeking to capture the growing Middle Eastern crypto market.
The preliminary approval represents an initial phase in Kraken's UAE launch process. Market observers will be watching for the timeline of full operational launch and how Kraken's services will be received by both retail and institutional investors in the region.
Source: Cointelegraph
