Kraken, one of the world’s leading cryptocurrency exchanges, has achieved significant regulatory success in the United Arab Emirates. Kraken’s parent company, Payward, has received the broker-dealer, investment and management license issued by the Virtual Asset Regulatory Authority (VARA), Dubai’s regulatory authority for digital assets. This development enabled the company to officially launch its operations in Dubai and serve a wider audience in the country.
Kraken’s Dubai target
This step, which is an important pillar of Kraken’s global expansion strategy, strengthens the exchange’s presence in the Middle East. With the license, Kraken will be able to offer OTC market services, staking and advanced solutions for institutional investors, without being limited to spot and margin transactions in Dubai. More professional service is expected to be provided to large investors, especially through Kraken Prime.
Mini glossary: VARA is a special regulatory body in Dubai that oversees digital asset service providers and issues permits and licenses to operate cryptocurrency exchanges.
From spot transactions to OTC, all services under one roof
Kraken’s reliable and highly liquid trading platform expands its scope with the license. Users operating in the region will now have direct access to deep liquidity in the European, US and Asia-Pacific markets. This enables users to process large volumes of transactions easily and at competitive prices.
Kraken underlined that they will offer a complete service experience to their customers in Dubai, especially with spot and margin transactions, as well as OTC services and staking products.
For corporate customers, more advanced reporting and professional payment solutions come to the fore thanks to the Kraken Prime interface.
| Service Type | Will Be Presented in Dubai | Target group |
|---|---|---|
| Spot & Margin Transactions | Yes | Individual & Corporate |
| OTC Services | Yes | Institutional |
| staking | Yes | All Users |
| Kraken Prime | Yes | Big Investors |
Ease of transaction with local currency
In the statement made by Kraken, it was stated that both funding and withdrawal support will be activated in the United Arab Emirates dirham (AED) later in the year. Thus, users will be able to enter and exit the crypto market directly from their accounts in local banks, and will have the opportunity to buy and sell without the need for foreign currency transfer.
Additionally, through a local and regulated subsidiary that Payward has established in Dubai, customer balances will be protected in accordance with local legislation and transactions will be conducted transparently.
New era in Dubai crypto ecosystem
While the United Arab Emirates has become a leading center in the region in terms of cryptocurrency regulations in recent years, Kraken’s receipt of a VARA license is seen as a reassuring step for industry players. The new structure, which meets the expectations of both individual and institutional investors for a safe platform, supports the company’s long-term growth target in the region.
According to the statements, thanks to Dubai’s crypto-friendly legal environment, Kraken is expected to quickly adapt its products in the field of financial technology to the region and reach a new customer base.
