Kraken has received full market approval from Dubai's Virtual Asset Regulatory Authority (VARA), enabling its parent company Payward to launch regulated crypto services in the United Arab Emirates.
The approval marks the final stage of VARA's licensing process, following preliminary approval granted to Payward in May 2026. The company will be able to serve retail, professional, and institutional investors across the region.
Initial Service Offerings
At launch, UAE customers will have access to spot and margin trading with pairs denominated in UAE dirham (AED). Users can deposit and withdraw funds directly in dirhams, eliminating the need to rely on other currencies for trading activity.
The initial lineup includes on-chain staking, xStocks, and Krak, Kraken's crypto transfer service. Institutional clients will have access to over-the-counter (OTC) spot trading and Kraken Prime.
Future Expansion
Crypto derivatives and additional yield opportunities are expected to launch later in 2026 and into 2027, pending further regulatory approval. Payward also plans to offer its trading infrastructure to regional partners through an embedded trading-as-a-service model.
Recent Developments
Kraken's UAE expansion follows several major investments in its parent company. Deutsche Börse invested $200 million in April, while Nasdaq invested $100 million in September, valuing Payward at $21 billion. In June, Kraken partnered with Maple to bring institutional-style lending protections to blockchain-backed loans.
Payward currently holds more than 100 licenses and registrations worldwide, with regulatory operations spanning Europe, the Americas, Asia-Pacific, and the Middle East.
