Kraken's parent Payward secured a full Virtual Asset Service Provider license from Dubai's regulator and plans to launch in the United Arab Emirates in the coming weeks. The launch starts with dirham trading pairs and staking, while derivatives still need further approval.
Kraken plans to launch locally regulated services in the United Arab Emirates in the coming weeks after its Payward FZCO entity secured a full license in Dubai, parent company Payward said in an Oct. 12 announcement. The approval comes from Dubai's Virtual Assets Regulatory Authority (VARA).
VARA's public register lists the license as active, with an Oct. 6 issuance date. It covers broker-dealer services and management and investment services, and permits the entity to serve retail, qualified and institutional investors.
What UAE clients get at launch
Payward said the launch will give UAE clients spot and margin trading with dirham-denominated pairs, plus deposits and withdrawals directly in dirhams. The planned offering also includes onchain staking, xStocks tokenized equities and crypto transfers through Krak.
From preliminary approval to a full license
The full license goes beyond the preliminary approval Kraken announced on May 21. Under VARA's framework, in-principle approval lets applicants complete licensing requirements but bars them from operating or serving clients until they obtain a full license.
Finance Magnates reported that Payward says it holds more than 100 licenses and registrations worldwide.
Derivatives still need sign-off
Payward expects crypto derivatives and additional yield products to follow later in 2026 and into 2027, subject to regulatory approval.
Sources: The Defiant, Finance Magnates
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