Kraken’s parent company Payward has obtained full regulatory approval from Dubai’s Virtual Assets Regulatory Authority (VARA), clearing the way for cryptocurrency trading and financial services for retail, professional and institutional customers in the United Arab Emirates. The announcement on October 12, 2026 follows preliminary clearance in May 2026 and the issuance of an active virtual asset service provider license on October 6, 2026, with the reference VL/26/10/002.
At launch, expected within weeks, UAE customers will be able to deposit and withdraw UAE dirhams and trade spot and margin pairs using AED-denominated markets. Payward said the offering will connect users to Kraken’s existing global order book and liquidity network. Arjun Sethi, co-CEO of Payward and Kraken, stated: “From launch, clients in the UAE get the same order book and multi-asset coverage we run in every other market, under one of the clearest regulatory frameworks in the world.”
The initial product set includes on-chain staking, tokenized equities through xStocks, cryptocurrency transfers via Krak, and over-the-counter spot trading and Kraken Prime for institutional investors. Payward plans to introduce crypto derivatives and additional yield products later in 2026 and in 2027, subject to further regulatory approvals. The company also intends to offer embedded trading services to regional businesses, although no UAE partners have been announced.
Payward has been expanding its regulated financial infrastructure, including a reported $100 million investment from Nasdaq at a $21 billion valuation and plans for xStocks wallet integration with Ledger. Payward holds more than 100 licenses and registrations worldwide. The Dubai authorization covers broker-dealer services and management and investment services, but it does not automatically permit every financial product. Kraken enters a competitive UAE market where Binance, OKX and Crypto.com already operate under VARA’s framework. The commercial launch details—including supported AED pairs, local banking partners and final pricing—have not yet been disclosed.
