[DigitalToday reporter Chi-gyu Hwang] Crypto exchange Kraken's parent Payward has received preliminary approval from Dubai's Virtual Assets Regulatory Authority (VARA).
According to a recent Cointelegraph report, Payward secured preliminary approval for broker-dealer, investment and management licences and announced its plans to expand in Dubai.
A formal launch date has not been set. Once services begin, it plans to support deposits and withdrawals in UAE dirhams (AED), margin trading and over-the-counter trading. It also plans to offer Kraken Prime to institutional clients.
Kraken previously received approval to operate in the UAE in 2022 under Abu Dhabi's financial free zone framework. The preliminary approval in Dubai brings it a step closer to expanding its business in the UAE.
Arjun Sethi (아르준 세티), co-CEO of Payward and Kraken, said Dubai established a crypto regulatory framework earlier than other regions and that the clarity is attracting liquidity and institutional capital to the UAE.
Chi-gyu Hwang
delight@d-today.co.kr