Kraken Expands into UAE with Regulatory Approval from Dubai's VARA

Crypto exchange Kraken has made its mark on the Middle East, expanding into the United Arab Emirates after securing regulatory approval from Dubai's Virtual Asset Regulatory Authority (VARA). The authorization granted to Payward Inc, Kraken's parent company, permits the provision of virtual asset services to both retail and professional investors in the Emirate of Dubai.

The expansion marks a significant step forward for Kraken, allowing its UAE customers to access various services, including spot trading, margin trading, and staking. Additionally, clients will be able to fund and withdraw in dirhams (AED), providing secure and frictionless access to global crypto markets through a trusted on-ramp.

Arjun Sethi, Co-CEO of Payward and Kraken, emphasized the importance of operating under VARA's regulatory framework, stating that 'Dubai wrote a rulebook for crypto before most jurisdictions even acknowledged the asset class.' This clarity has attracted real liquidity and institutional capital to the UAE, making it an attractive hub for crypto trading.