Kraken parent company Payward has received preliminary regulatory approval to expand operations in the United Arab Emirates. The move strengthens Dubai’s position as a global crypto hub as major exchanges continue gravitating toward jurisdictions with clearer digital asset rules.
Kraken is preparing to deepen its presence in the Middle East after securing preliminary approval from Dubai’s Virtual Asset Regulatory Authority (VARA), marking another milestone in the United Arab Emirates’ push to become a global center for digital assets.
Payward, the financial infrastructure company behind Kraken, said it received initial authorization for a broker-dealer, investment, and management license in Dubai. The approval clears the way for the exchange to offer a broad range of crypto services through a locally regulated entity.
The planned offering will include spot and margin trading, over-the-counter services, staking products, institutional access through Kraken Prime, and crypto transfers between users via its Krak payment system.
Clients in the UAE will also gain access to Kraken’s global trading infrastructure, including liquidity pools tied to major markets across the United States, Europe, and Asia-Pacific. Through a locally regulated subsidiary, users will be able to deposit and withdraw funds directly in UAE dirhams, streamlining access to global crypto markets.
