Kraken Expands Regional Presence with VARA Authorization in Dubai

Payward FZCO, the parent company of cryptocurrency exchange Kraken, has received preliminary approval for a broker-dealer, investment and management licence from the Virtual Asset Regulatory Authority (VARA) in Dubai, UAE. This authorization will enable Kraken to expand its regional presence and offer various services to customers in the Emirate of Dubai.

The license permits Payward FZCO to provide virtual asset services to both retail and professional investors in Dubai, subject to VARA's regulatory framework and applicable conditions. The company will be able to offer a range of services, including spot trading, margin trading, OTC trading, staking, and crypto transfers between users through Kraken.

The VARA authorization also allows Payward FZCO to operate as a locally regulated entity, providing secure and frictionless access to global crypto markets for UAE traders. This will enable clients to fund and withdraw in dirhams (AED), making it easier for them to participate in the cryptocurrency market.