Cryptocurrency exchange Kraken said Thursday that it has secured regulatory approval to operate in Dubai after its parent company Payward received preliminary broker-dealer and investment management authorization from the emirate’s Virtual Asset Regulatory Authority.

The authorization permits Kraken to offer virtual asset services to both retail and professional investors in Dubai, according to a company announcement. The exchange will provide United Arab Emirates clients with spot and margin trading, over-the-counter services, staking, crypto transfers, and access to its institutional platform Kraken Prime.

UAE traders will connect to Kraken’s global order books across Europe, the United States, and Asia-Pacific markets….