Kraken's parent company, Payward, has received approval from Dubai's VARA to provide AED trading and local compliance services.

CoinFeed reported on May 21 that, according to Business Wire, Kraken's parent company, Payward, has received preliminary approval from the Virtual Asset Regulatory Authority (VARA) in Dubai, UAE, for brokerage, proprietary trading, investment, and management licenses. Payward plans to offer spot, leveraged, and OTC trading, staking, and Kraken Prime services for institutions in the UAE through its local subsidiary. Local users will be able to deposit and withdraw funds using UAE Dirhams (AED) and directly access Kraken's global order book depth and liquidity.