Crypto
Kraken Secures VARA Approval to Launch Crypto Trading and Staking in UAE
Key Takeaways
- Kraken secured preliminary VARA approval to expand crypto services in the UAE.
- Dubai’s crypto rules are attracting exchanges as global firms seek regulatory clarity.
- Kraken plans UAE staking, OTC, and derivatives services pending final approvals.
Payward Gains UAE Crypto License Approval as Kraken Deepens Middle East Push
Kraken is preparing to deepen its presence in the Middle East after securing preliminary approval from Dubai’s Virtual Asset Regulatory Authority (VARA), marking another milestone in the United Arab Emirates’ push to become a global center for digital assets.
Payward, the financial infrastructure company behind Kraken, said it received initial authorization for a broker-dealer, investment, and management license in Dubai. The approval clears the way for the exchange to offer a broad range of crypto services through a locally regulated entity.
The planned offering will include spot and margin trading, over-the-counter services, staking products, institutional access through Kraken Prime, and crypto transfers between users via its Krak payment system.
Clients in the UAE will also gain access to Kraken’s global trading infrastructure, including liquidity pools tied to major markets across the United States, Europe, and Asia-Pacific. Through a locally regulated subsidiary, users will be able to deposit and withdraw funds directly in UAE dirhams, streamlining access to global crypto markets.
“Dubai wrote a rulebook for crypto before most jurisdictions even acknowledged the asset class,” said Arjun Sethi, co-CEO of Payward and Kraken. “That clarity is why real liquidity and institutional capital now sit in the UAE.”
Sethi said operating under VARA’s framework allows Kraken to serve regional clients through a locally supervised structure rather than relying on offshore entities, an issue that has become increasingly important as regulators worldwide tighten oversight of digital asset platforms.
Kraken’s expansion is part of Payward’s broader strategy to establish regulated operations in major financial centers. Initially, Kraken plans to roll out its Buy, Trade, and Earn services in the country, subject to final regulatory approvals. Over time, the exchange intends to expand into derivatives, lending products, and additional investment services for qualified clients.
The move adds to a growing list of crypto firms choosing the UAE as a strategic base for regional and international operations. Dubai, in particular, has emerged as one of the industry’s most active regulatory jurisdictions after introducing dedicated crypto licensing frameworks years ahead of many Western markets.
Industry executives increasingly point to regulatory certainty as a key advantage for the UAE, as digital asset rules remain fragmented or politically contested in several major economies.
VARA has become central to that effort, positioning Dubai as a jurisdiction willing to accommodate crypto businesses while maintaining formal oversight standards. Kraken’s entry into Dubai further reinforces the UAE’s growing role in shaping the next phase of global crypto market infrastructure.
Key Takeaways
- Stack’s Bowers Galleries auctions a funded Casascius 0.5 BTC token graded MS-66 on June 18, 2026.
- Only 15 Casascius coins exist at MS-66, with 11 graded finer, tightening supply for collectors.
- Stack’s Bowers’ 120-lot crypto sale tops $500K intrinsic value, including Topps Allen and Ginter crypto cards.
What’s Being Sold
According to the Stack’s Bowers Galleries announcement shared with Bitcoin.com News, the token is graded MS-66 by the Professional Coin Grading Service (PCGS). Only 15 examples exist at that grade. Just 11 coins have been graded finer, all at MS-67. The token remains funded, meaning the 0.5 BTC loaded onto the blockchain at creation is still intact and redeemable.
The coin was produced by Mike Caldwell, a Utah-based software engineer who began minting the Casascius series in 2011. Each physical coin holds a private key beneath a tamper-evident hologram, with real bitcoin loaded onchain at the time of minting.
Why Casascius Coins Are Scarce
Caldwell halted production after regulators flagged the operation as a potential unlicensed money transmission business in 2013. The short production window left a finite supply. Attrition has narrowed that supply further: some owners have “peeled” their coins to claim the bitcoin, destroying the collectible and erasing its numismatic value in the process. Funded examples in high grades are now rare by any measure.
The Auction Context
The June 18 sale is not a one-lot showcase. Stack’s Bowers has assembled more than 120 crypto collectibles with a combined intrinsic value exceeding $500,000. The sale includes coins from the Casascius, BTCC, and Lealana series, alongside lower-mintage modern issues from producers including Mybits, Satori, Denarium, Ballet, and Freedom Bitcoin.
The auction also marks the firm’s first offering of crypto trading cards from Topps’ Allen and Ginter series, a crossover expected to draw interest from sports card collectors who track that product line separately from the crypto space.
Early Bitcoin Magazine issues round out the sale, including a copy of Issue No. 1 and a consecutive run of Issues 9 through 15.
Who’s Behind the Gavel
Stack’s Bowers Galleries has operated for more than 90 years and is a wholly owned subsidiary of A-Mark Precious Metals Inc. (Nasdaq: AMRK), which acquired parent company Spectrum Group International in early 2025 for $92 million. The firm is a PCGS Authorized Dealer, a member of the Professional Numismatists Guild, and the official auctioneer for major numismatic events, including ANA World’s Fair of Money conventions.
“American coinage and commerce have always been a mirror to the nation’s journey toward liberty and success,” James McCartney, Director of Numismatics at Stack’s Bowers Galleries, remarked.
The Stack’s Bowers Galleries executive added:
“There is no greater context in which to offer this historic Fourth of July funded 0.5 bitcoin.”
What Buyers Should Know
Bidders should account for buyer’s premiums, which typically run above 20% at premium auction houses. The token’s collectible value operates separately from its bitcoin spot value, and both factors are relevant to the final price. The auction is open for bidding through the Stack’s Bowers platform.
The firm is also accepting consignments for its Summer 2026 Global Showcase Auction, which will hold in-person previews at the ANA World’s Fair of Money in Pittsburgh, Pennsylvania. Specialists will also be available at the FUN Show in Orlando, Florida, running July 9 through 11.
With America’s 250th anniversary two weeks out and bitcoin trading actively, the timing places a 13-year-old physical token at an intersection that few collectibles have occupied before. Whether that intersection holds lasting value is a question the market will answer on Thursday.
Key Takeaways
A $13 Billion Wipeout in Days
Binance Research reported that April’s decentralized finance ( DeFi) exploits triggered around $13 billion in outflows, draining total value locked (TVL) across lending markets and decentralized exchanges. The flight pushed the onchain leverage ratio to about 38%, a reading the firm said marks a return to 2021 levels all while showcasing a massive decline in investor confidence.
The outflows can largely be traced back to a cluster of attacks, the largest of which struck liquid- staking protocol KelpDAO. Bitcoin.com News reported that KelpDAO had slammed Layerzero after a roughly $300 million exploit, later shifting its rsETH token to Chainlink’s cross-chain protocol, CCIP, in response.
The breach also rattled the wider ecosystem with lending protocol Aave battling a withdrawal crisis as depositors rushed for the exits. Confidence cracked further when Aave suffered a 44% monthly drop in value locked and outflows spread to neighboring protocols.
The attack’s mechanics unearthed a growing cross-chain threat with Layerzero, most recently, disclosing a remote procedure call (RPC) poisoning incident linked to the $292 million KelpDAO hack, in which attackers corrupted the data feeding the bridge’s verification network.
A Record Month for Hacks
April stood out even in a sector accustomed to breaches as industry trackers counted more than 20 separate exploits during the month, making it one of the most-hacked stretches on record. Aave alone saw billions in deposits exit within 48 hours, and several protocols paused certain operations as trust eroded.
Even then, the sector has shown resilience, with several protocols migrating cross-chain messaging to alternative providers and tightening verification. Binance Research and other analysts have argued that DeFi is evolving, citing the speed at which liquidity has historically returned as confidence has stabilized.
The 38% leverage reading is the figure to watch next, given that a return toward 2021 levels could mean the system has deleveraged sharply (potentially reducing the risk of forced liquidations and signaling diminished risk appetite). In any case, whether deposits rebuild from here will determine if April marked a temporary shock or a longer reset for onchain finance.
He said the Financial Crimes Unit is hard at work tracking the fraudsters, shutting down their websites, and hoping to bring them to justice.
There are various types of “pig butchering” scams, according to the federal government. They slowly play on the investor’s emotions and hopes.
“It is a type of confidence and investment fraud in which the victim is gradually lured into making increasing monetary contributions, generally in the form of cryptocurrency,” says the Office of Inspector General’s website, “to a seemingly sound investment before the scammer disappears with the contributed monies.”
If you are a victim of a scam, Becker said, contact your local police department. More information about that is here.
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