Kraken Parent Payward Secures Full Dubai Crypto License Ahead of UAE Launch
Payward, the parent company of cryptocurrency exchange Kraken, has received full approval from Dubai's Virtual Assets Regulatory Authority (VARA), clearing the way for the company to operate as a regulated virtual asset service provider in the United Arab Emirates. The approval covers retail, professional and institutional investors as Payward prepares to introduce its trading and digital asset services to the UAE market.
The authorization follows preliminary approval granted in May, which allowed the company to establish its operations before beginning client onboarding. Payward announced the latest regulatory milestone on Tuesday.
Kraken to Offer Dirham Trading and Crypto Services in the UAE
At launch, Kraken customers in the UAE will be able to trade spot cryptocurrencies and use margin trading with dirham-denominated pairs. Customers will also be able to deposit and withdraw funds directly in UAE dirhams.
The planned offering extends beyond conventional cryptocurrency trading. Eligible customers will have access to on-chain staking, xStocks tokenized equities and Krak, Kraken's crypto transfer service.
Institutional customers will also be able to use over-the-counter spot trading and Kraken Prime, the company's prime brokerage platform. Crypto derivatives and additional yield products are expected to follow later in 2026 and into 2027, subject to regulatory approval.
Payward Expands Its Global Regulatory Footprint
Payward holds more than 100 licenses and registrations worldwide, with its regulatory presence spanning Europe, the Americas, Asia-Pacific and the Middle East. The Dubai approval adds to that international footprint as the company expands its services across different customer segments.
The UAE launch also comes as Payward pursues deals involving traditional financial institutions and market infrastructure providers.
Nasdaq and SoFi Deals Broaden Kraken's Financial Services
In September, Bloomberg reported that Nasdaq Inc. was investing $100 million in Payward in a transaction that valued the company at $21 billion. The report also said Kraken would distribute Nasdaq's tokenized stocks through its own platform.
Payward and SoFi Technologies recently announced a separate agreement under which SoFi customers' cryptocurrency orders will be routed through Kraken Prime. The companies also agreed to list SoFi's stablecoin on the Kraken exchange.
These developments reflect Kraken's broader effort to expand beyond cryptocurrency trading into services connected with traditional finance. The company has been positioning its application as a broader financial account through which users can access cryptocurrencies, stocks, bonds and other assets.
data source: bitcoinmagazine.com
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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