TLDR
- Payward secures full Dubai regulatory approval, clearing the way for Kraken’s UAE market launch.
- Kraken plans to introduce AED trading pairs, direct dirham deposits, and withdrawals for UAE customers.
- UAE clients will gain access to margin trading, crypto staking, xStocks, and Krak transfer services.
- Institutional investors will access Kraken Prime and over-the-counter spot trading under Dubai’s regulatory framework.
- Payward targets derivatives and additional yield products through 2027, subject to further regulatory approval.
Payward, Kraken’s parent company, has secured Full Market Approval from Dubai’s Virtual Assets Regulatory Authority (VARA). The decision clears the company to launch regulated cryptocurrency services in the United Arab Emirates.
The licence covers retail, professional and institutional clients. The announcement did not identify an exact launch date. Kraken plans to offer local currency trading and direct dirham deposits and withdrawals when its UAE platform opens.
Payward Completes Dubai Licensing Process
VARA’s final approval allows Payward to begin regulated virtual asset activities in Dubai. The company received preliminary clearance in May 2026, giving it time to prepare operations before accepting clients.
Payward co-CEO Arjun Sethi said UAE customers would reach Kraken’s global order books and asset markets. He pointed to local supervision and direct access to trading liquidity.
Kraken Plans Dirham Trading and Staking
At launch, clients will be able to trade spot and margin products through pairs priced in UAE dirhams. They can also deposit and withdraw funds directly in UAE dirhams.
The launch comes as Payward explores other routes into traditional finance. An October 8 report said Wells Fargo was discussing crypto liquidity services with Payward, although neither company announced an agreement.
UAE users will also gain access to on-chain staking, xStocks and Krak. Krak supports cryptocurrency transfers, while xStocks offers exposure to tokenized shares through eligible products.
For larger clients, Kraken plans over-the-counter spot trading and Kraken Prime. The institutional platform combines trading services with tools for professional market participants.
Elsewhere, Coinbase recently completed its Deribit integration and updated its trading platform, including expanded derivatives access. Kraken has not announced a date for its UAE derivatives rollout.
Further Products Await Regulatory Clearance
Payward expects to add crypto derivatives and more yield products later in 2026 and during 2027. Those launches will depend on further regulatory clearance, not the approval announced today.
The move comes during wider efforts to bring crypto businesses under financial supervision. In the United States, Rain applied earlier this month for a federal trust bank charter, seeking approval for digital asset custody and stablecoin services.
Payward also plans to offer its trading infrastructure to regional partners. Through an embedded trading service, other businesses could connect customers to its technology without building a trading platform themselves.
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