Kraken Expands into UAE Market with VARA Authorization

Kraken has made significant strides in its global growth strategy with the receipt of a key regulatory approval in the United Arab Emirates. The company's subsidiary, Payward FZCO, has been licensed by the Virtual Assets Regulatory Authority (VARA) to offer virtual asset services to both retail and professional investors in Dubai.

This authorization will enable Kraken to provide a range of services, including spot trading, margin trading, OTC trading, staking, and crypto transfers between users. The company's clients in the UAE will also gain access to its global orderbooks, which have deep liquidity and reliable execution across major markets.

The license from VARA permits Payward FZCO to operate as a Virtual Asset Service Provider (VASP) under the category of Broker-Dealer / Investment and Management. This authorization is subject to VARA's regulatory framework and applicable conditions.