Kraken Expands Middle East Footprint with Dubai VARA Authorization

Kraken has taken another step forward in its Middle East expansion plans, securing Dubai VARA authorization for a regulated UAE presence.

The authorization, which covers Payward FZCO under the broker-dealer, investment, and management category, will enable Kraken to offer a wider range of services in the region. These include spot trading, margin trading, OTC execution, staking, and crypto transfers between users through Krak. The company's expansion plans also include providing institutional access through its Prime platform.

The Dubai VARA authorization marks a significant milestone for Kraken as it seeks to establish itself as a major player in the region's growing virtual asset market. With local fiat rails expected later this year, UAE clients will be able to access AED funding and withdrawals, reducing their reliance on international currencies like USD or EUR.