Source: Kraken
Cryptocurrency exchange Kraken has taken another step toward expanding operations in the United Arab Emirates after parent company Payward received preliminary approval from Dubai’s Virtual Assets Regulatory Authority.
The company announced Thursday that regulators granted early-stage authorization covering broker-dealer, investment and management activities in Dubai.
Once operational, Kraken plans to offer UAE dirham funding services along with margin trading, over-the-counter trading and institutional investment products through Kraken Prime. The company already holds regulatory approval to operate in Abu Dhabi under the emirate’s financial free zone framework, which it secured in 2022.
Dubai has rapidly emerged as a major global center for digital asset firms as regulators continue building a formal legal framework for cryptocurrency businesses. Nearly 50 companies are currently authorized under the emirate’s regulatory system, including Binance, OKX, Crypto.com and Deribit.
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