Top-rated cryptocurrency trading platform Kraken has just secured a major regulatory license in Dubai, amid its efforts to continuously expand its presence across the global space.
According to an official announcement released by the exchange on May 21, Kraken's parent company, Payward, has secured regulatory authorization from the Virtual Asset Regulatory Authority (VARA) in Dubai.
Kraken expands services to UAE clients
While the development comes as a big win for the Kraken ecosystem, the regulatory authorization provides Payward with a broker-dealer, investment, and management license from VARA.
As such, the company now boasts official preliminary approval to exclusively offer its services in Dubai, potentially expanding its growing user base.
This positions Kraken for bigger adoption as the exchange can now offer its broad range of crypto services in Dubai. The services include spot trading, margin trading, over-the-counter (OTC) services, staking, and institutional access through Kraken Prime.
While Kraken is well-renowned for its high-liquidity crypto trading platform, the licensing has offered UAE traders access to Kraken's global order books, which have deep liquidity and reliable execution across major markets in Europe, the US, and APAC.
Kraken eyes support for UAE dirham (AED)
Per its announcement, Kraken disclosed plans to roll out support for UAE dirham (AED) funding and withdrawals later this year.
This move will enable local clients to move funds directly between bank accounts and crypto markets without relying on foreign currencies.
More specifically, users will also be able to make crypto deposits and withdrawals in dirhams (AED) through a locally regulated Payward subsidiary.
While this allows the company to offer secure, frictionless access to global crypto markets through a trusted, regulated on-ramp, it also strengthens Kraken's ability to serve both retail and institutional investors in one of the world's most crypto-friendly regions.
Dan Burgin
