Crypto Exchanges
By Sakamoto Nashi
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Why Dirham Trading Changes the Math. The dirham piece probably matters more than it looks on paper.
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Dubai's Broader Crypto Ambitions. The UAE has been pretty deliberate about positioning itself as a crypto-friendly jurisdiction.
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Kraken is moving into Dubai. Payward, the exchange's parent company, picked up preliminary approval from Dubai's Virtual Assets Regulatory Authority — VARA — clearing a path…
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The green light covers UAE dirham funding, margin trading, and over-the-counter trading. That's a meaningful bundle of services, not a soft entry.
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Kraken hasn't launched yet. The preliminary approval is exactly that — preliminary. VARA's process requires full regulatory clearance before services go live, and Kraken must…
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The dirham piece probably matters more than it looks on paper. Crypto exchanges operating in the UAE have historically priced and settled in dollars, which works fine for…
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Kraken Prime is the other piece of this worth watching. Institutional crypto adoption across the Gulf has picked up noticeably in recent years, with family offices, asset…
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Related: Polymarket Launches Parlays as SEC Opens Prediction Market ETF Debate
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It's also worth noting that the Middle East more broadly has seen rising interest in digital assets.
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But none of that happens until the full approval comes through.
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The remaining regulatory steps are unclear in their specifics. Kraken hasn't detailed what's left to complete, and VARA's public communications on the matter are limited.
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Read also: Missouri AG Calls CoinFlips Crypto ATMs Getaway Cars for Fraud
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What's confirmed: Payward has the preliminary nod, the product scope covers dirham funding plus margin and OTC, and Kraken Prime will serve as the institutional arm of the UAE…
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The exchange is closer to Dubai than it was six months ago. How much closer is still murky.
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