Kraken’s parent company Payward has received full market approval from Dubai’s Virtual Assets Regulatory Authority. UAE clients will be able to trade crypto against the dirham, with spot and margin trading due in the coming weeks.
Payward announced the approval on 12 October. VARA’s public register shows a virtual asset service provider (VASP) license issued to its local entity, Payward FZCO, on 6 October.
The license covers broker-dealer services and management and investment services. Payward can serve retail, professional and institutional investors in Dubai.
It follows a preliminary approval in May 2026, which let Payward prepare its operations but not fully onboard clients.
Arjun Sethi, Co-CEO of Payward and Kraken, said: “From launch, clients in the UAE get the same order book and multi-asset coverage we run in every other market.”
What Kraken will offer in the UAE
Kraken says it will start serving UAE clients “in the coming weeks.” It hasn’t given a fixed date.
For retail clients, the launch includes:
- Spot and margin trading in AED-denominated pairs
- AED deposits and withdrawals
- Onchain staking
- xStocks, Kraken’s tokenized US-listed equities product
The Krak app for crypto transfers will also be available.
Institutional clients will get over-the-counter (OTC) spot trading and Kraken Prime, the company’s prime brokerage service. Payward also plans to offer its trading infrastructure to regional companies as an embedded service.
Crypto derivatives and more yield products are planned for later in 2026 and into 2027. Payward says those remain “subject to further regulatory approval.”
Kraken’s history in the UAE
Kraken isn’t new to the country. It received a Financial Services Permission license from Abu Dhabi Global Market (ADGM) in 2022.
In September 2026, Kraken removed several assets for UAE residents, including privacy-focused tokens and some stablecoins, in line with the country’s rules.
Dubai’s licensed crypto market keeps growing
VARA’s register now lists 58 licensed providers, up from 49 active companies in May 2026.
Kraken joins exchanges that already hold VARA licenses, including OKX, which secured its license in January 2024, and Crypto.com.
VARA covers Dubai’s mainland and free zones, with one exception: the Dubai International Financial Centre (DIFC) has its own regulator, the Dubai Financial Services Authority (DFSA). Standard Chartered used that route: in September 2026, it started offering spot Bitcoin and Ether trading to institutional clients through its DIFC branch.
What happens next
Kraken’s AED spot and margin trading, along with AED deposits and withdrawals, is set to go live for UAE clients in the coming weeks. Derivatives and further yield products will need separate regulatory approval before launch.
