Crypto exchange Kraken's parent company Payward has received full market approval from Dubai's Virtual Asset Regulatory Authority to operate as a regulated virtual asset service provider in the United Arab Emirates. The approval allows Payward to serve retail, professional, and institutional investors in the region.
The full license follows preliminary approval granted in May, which enabled the company to complete its operational setup ahead of client onboarding.
Launch Services
At launch, Kraken clients in the UAE will be able to trade spot and margin with dirham-denominated pairs and conduct direct funding and withdrawals in dirhams. Retail users will have access to on-chain staking, xStocks tokenized equities, and Krak for crypto transfers. Institutional clients will gain access to OTC spot trading and Kraken Prime services.
Crypto derivatives and new yield products are expected to launch later in 2026 and into 2027, pending regulatory approval.
Broader Expansion Strategy
Payward holds more than 100 licenses and registrations worldwide across Europe, the Americas, Asia-Pacific, and the Middle East. The UAE expansion aligns with the company's recent partnerships and investments.
In September, Nasdaq Inc. invested $100 million in Payward in a deal valuing the company at $21 billion. Kraken will distribute Nasdaq's tokenized stocks on its platform as part of the arrangement.
Payward and SoFi Technologies also recently announced a partnership to route SoFi customer crypto orders through Kraken Prime and to list SoFi's stablecoin on the exchange.
Kraken continues to expand into traditional finance, positioning itself as a platform for trading stocks, bonds, and other assets alongside cryptocurrency offerings.
