Kraken secures VARA approval for UAE crypto expansion

Kraken's parent Payward has secured preliminary VARA approval in Dubai, enabling regulated crypto services in the UAE, including spot, margin, OTC trading, staking, and institutional access, pending full licensing.

Kraken's parent company, Payward, has received preliminary approval from Dubai's Virtual Assets Regulatory Authority (VARA) for broker-dealer, investment, and management licenses. This milestone paves the way for Kraken's expansion into the United Arab Emirates, allowing the exchange to offer regulated virtual asset services in Dubai, including spot, margin, and OTC trading, staking, and institutional access via Kraken Prime. UAE clients will benefit from access to Kraken's global orderbooks and can fund or withdraw in dirhams through a locally regulated Payward subsidiary. The approval is part of a multi-stage licensing process, with full operational status pending further regulatory steps. Kraken's entry into Dubai positions it in direct competition with established exchanges like Binance, OKX, and Crypto.com, as VARA tightens licensing requirements. This expansion aligns with Payward's strategy to establish regulated operations in key global financial centers, connecting local and global crypto markets through a trusted, regulated on-ramp.