Kraken Secures Regulatory Approval to Operate in Dubai's Crypto Hub

Kraken, a prominent cryptocurrency exchange, has obtained regulatory approval to operate in Dubai. The exchange will provide various virtual asset services to both retail and professional investors in the UAE, including spot and margin trading, over-the-counter services, staking, and more.

The authorization permits Kraken to offer its services to clients through a locally regulated subsidiary, Payward FZCO. This allows UAE traders to fund accounts and make withdrawals in dirhams, providing greater convenience and accessibility for local users.

With this move, Kraken joins several other major exchanges that have already received VARA approval, including Binance, Crypto.com, and OKX. The establishment of VARA has created a favorable regulatory environment for digital asset businesses in Dubai, making it an attractive hub for crypto-related activities.