The Dubai licence completes a process that began with preliminary approval in May and brings Kraken into a market where Binance, OKX and Bybit already operate under VARA, with derivatives still awaiting sign-off.
Bitcoin’s return to $83,000 has pushed sentiment into greed, but volatile ETF flows, fading macro support and Ethereum’s institutional shortfall suggest this rally rests on shakier ground than the headlines imply.
The Amsterdam-listed buyer took control of the miner Alameda sank $1.15 billion into on the day FTX's estate dropped its clawback suit, and its CEO says he has "zero interest" in mining bitcoin.
Chia Der Jiun's remarks, made a week before MAS's consultation on stablecoin legislation closes, put central bank money at the top of Singapore's settlement hierarchy and raise the prospect of reserve access for systemically important issuers.
