Kraken Expands Into the UAE After Clearing Dubai’s Final Regulatory Hurdle

From dirham withdrawals to on-chain staking, Kraken's planned UAE offering aims to give local customers more ways to access the crypto market. Kraken is gearing up to launch its crypto services in the United Arab Emirates after receiving full market approval from Dubai’s Virtual Asset Regulatory Authority (VARA). The approval clears the way for its parent company, Payward, to operate as a regulated virtual asset service provider in Dubai. The company will be able to serve retail, professional, and institutional investors in the region. Kraken’s UAE Launch Initially, UAE customers will get access to spot and margin trading, with trading pairs denominated in the UAE dirham (AED). Users will also be able to deposit and withdraw funds directly in dirhams. They may no longer need to rely on other currencies to fund their trading activity. The launch lineup will also include on-chain staking, xStocks, and Krak, Kraken’s service for crypto transfers. Institutional clients will have access to over-the-counter (OTC) spot trading and Kraken Prime. The company also plans to introduce more products over time. For instance, crypto derivatives and a wider range of yield opportunities are expecte...