Kraken's parent company Payward has received preliminary approval from Dubai VARA to conduct cryptocurrency business

According to Businesswire, Kraken's parent company Payward announced that it has received preliminary approval for brokerage, investment, and management licenses granted by the Virtual Assets Regulatory Authority (VARA) in Dubai, UAE, to expand its cryptocurrency business in the UAE.

Payward expects to offer spot, margin, and OTC trading, staking services, and Kraken Prime services for institutional clients through locally regulated entities, as well as support for peer-to-peer cryptocurrency asset transfer functionality.