Kraken Plans UAE Launch After Securing Full Dubai License

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.

Dubai’s Virtual Assets Regulatory Authority (VARA) register lists Payward’s Virtual Asset Service Provider 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.

Payward said the launch will give UAE clients spot and margin trading with dirham-denominated pairs, plus deposits and withdrawals directly in dirhams, or AED. The planned offering also includes onchain staking, xStocks tokenized equities and crypto transfers through Krak.

The full license advances Payward beyond the preliminary approval Kraken announced on May 21. Under VARA’s framework, in-principle approval allows applicants to complete licensing requirements but prohibits them from operating or serving clients until they obtain a full VASP license. Payward’s new authorization clears that regulatory stage; the company is still targeting its customer rollout for the coming weeks.

Institutional clients will gain access to over-the-counter spot trading and Kraken Prime, Payward said. Its May announcement described the local setup as connecting UAE clients to Kraken’s global orderbooks through a regulated Payward subsidiary.

The inclusion of xStocks extends the planned offering beyond crypto. Kraken describes the products as tokenized exposure to U.S. stocks and exchange-traded funds; the tokens do not confer ownership of the underlying shares.

Payward expects crypto derivatives and additional yield products to follow later in 2026 and into 2027, subject to regulatory approval.