Kraken's parent company Payward has secured preliminary regulatory approval from Dubai's Virtual Asset Regulatory Authority (VARA). The authorization permits Kraken to offer virtual asset services, including spot and margin trading, OTC services, staking, crypto transfers, and its institutional platform Kraken Prime, to both retail and professional investors in Dubai. UAE traders can access Kraken's global order books and fund accounts in dirhams through the locally regulated subsidiary Payward FZCO. This move highlights Dubai's emergence as a crypto hub with a clear regulatory framework established in 2022. Kraken joins other major exchanges like Binance and Crypto.com in obtaining VARA approval. The approval contrasts with regulatory uncertainties in other jurisdictions, and Kraken also has pending U.S. IPO plans and a national trust bank charter application.

Key facts

• Payward received preliminary VARA approval for broker-dealer and investment management services.
• Kraken will offer spot, margin, OTC, staking, transfers, and institutional services in Dubai.
• UAE customers can fund accounts in dirhams via local subsidiary Payward FZCO.
• Dubai established VARA in 2022, attracting major exchanges like Binance and Crypto.com.
• Kraken also has pending U.S. IPO and national trust bank charter applications.