Kraken has taken a significant step in its regional expansion strategy by securing authorization from Dubai's Virtual Assets Regulatory Authority (VARA). This move allows the exchange to operate under a locally regulated structure, providing a wider range of products and services to clients in the UAE.
The authorization covers Payward FZCO, Kraken's parent company, under the broker-dealer, investment, and management category. This enables Kraken to offer a broader product set, including spot trading, margin trading, OTC execution, staking, and crypto transfers between users through Krak. Institutional access will also be available through Kraken Prime.
The expansion is expected to bring local fiat rails into one UAE structure, reducing the need for clients to move through USD or EUR before reaching crypto liquidity. AED funding and withdrawals are planned for later this year, alongside AED trading pairs.