Crypto Exchange Kraken Secures VARA License to Launch in Dubai
Kraken has received regulatory approval from Dubai’s Virtual Asset Regulatory Authority (VARA) to operate as a broker-dealer and investment manager in the emirate, allowing it to offer services to retail and professional investors. Kraken’s UAE clients will have access to spot and margin trading, over-the-counter operations, staking, crypto transfers, and the institutional platform Kraken Prime, with account funding and withdrawals available in dirhams via the locally regulated Payward FZCO subsidiary. Future plans include expanding into derivatives, lending, and additional investment products. Dubai established VARA in 2022, creating a comprehensive regulatory framework for digital assets that has attracted major exchanges like Binance, Crypto.com, and OKX. The clarity and supervision provided by VARA contrast with uncertainty in other global jurisdictions, drawing institutional capital and liquidity to the UAE. Kraken’s approval follows other crypto firms securing licenses in Dubai’s increasingly regulated marketplace. Meanwhile, Kraken is pursuing a U.S. IPO and a national trust bank charter in the United States.
