Kraken moves closer to UAE launch after Dubai regulatory approval

Kraken’s parent company, Payward, received preliminary approval from Dubai's VARA, paving the way for UAE dirham funding, margin and OTC trading and institutional access via Kraken Prime.

Cryptocurrency exchange Kraken moved closer to a launch in the United Arab Emirates after its operator, Payward, received preliminary approval from Dubai’s Virtual Assets Regulatory Authority (VARA), according to the company.

Payward on Thursday announced its UAE expansion alongside receiving preliminary approval for a broker-dealer, investment and management licence from VARA.

A spokesperson for Kraken told Cointelegraph the preliminary approval was granted on Thursday, with a full launch date to be confirmed.

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