Kraken Expands UAE Presence with Regulatory Approval in Dubai

Kraken's parent company Payward has made significant strides in expanding its cryptocurrency services in the United Arab Emirates. The firm has secured regulatory approval from Dubai's Virtual Assets Regulatory Authority, paving the way for a broader range of regional products.

The approval allows Kraken to offer spot trading, margin trading, over-the-counter execution, staking, and institutional access via Kraken Prime. This development positions the platform to establish local fiat currency access for its regional user base.

United Arab Emirates clients are scheduled to receive direct dirham funding and withdrawal capabilities alongside AED trading pairs later this year. The implementation of local currency rails aims to streamline user access to crypto liquidity by eliminating the requirement for regional clients to utilize US dollars or euros.