Kraken prepares for Dubai launch after preliminary VARA approval
Cryptocurrency exchange Kraken has taken another step toward launching in the United Arab Emirates. Its operator, Payward, has received preliminary approval from Dubai’s Virtual Assets Regulatory Authority (VARA).
On Thursday, Payward announced its expansion into the UAE and preliminary approval for a broker-dealer license, as well as investment and management services in the virtual assets sector.
After entering the market, Kraken plans to offer clients account funding in UAE dirhams (AED). In addition, the exchange intends to launch a full range of services, including margin trading, over-the-counter transactions and access to Kraken Prime for institutional clients.
This move continues Kraken’s expansion in the region. Earlier, in 2022, the company had already received approval to operate in the UAE under Abu Dhabi’s financial free zone framework.
What Dubai’s crypto market looks like
VARA’s public register currently includes 49 active crypto companies. These include platforms operating in exchange services, broker-dealer services, custody and lending.
The list already features major international crypto market players, including Binance, Crypto.com, OKX, Deribit and HashKey. This reflects Dubai’s ambition to establish itself as a regional hub for companies working with digital assets.
At the same time, Kraken and its parent company Payward do not yet appear in the regulator’s public register. The latest company added to the list was centralized crypto exchange CoinCorner, which received approval on May 5 to provide virtual asset broker-dealer services.
Why Dubai attracts crypto companies
Dubai has become one of the most prominent hubs for crypto businesses thanks to a combination of clear regulation, tax appeal and the authorities’ ambition to develop the digital asset market. Unlike many jurisdictions where rules for crypto companies remain unclear or constantly changing, the emirate has built a dedicated regulatory infrastructure through VARA. This gives exchanges, custodians, brokers and other players the opportunity to obtain licenses and operate in a more predictable legal environment.
For international companies, Dubai is also attractive because of its role as a financial and business hub between Europe, Asia and the Middle East. The region concentrates capital, demand for investment products is growing, and the authorities are actively attracting fintech and Web3 companies. That is why Kraken’s move into Dubai looks less like an isolated step and more like part of a broader trend: major crypto platforms are looking for jurisdictions where they can combine regulatory certainty, access to wealthy clients and the ability to develop institutional products.
As a reminder, Kraken is launching regulated spot margin trading in the U.S. cryptocurrency market.
Latest Kraken News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
