Kraken's UAE Launch: Dirhams, Dreams, and a Virtual VASP Victory Lap 🚀

Payward, the parent company of cryptocurrency exchange Kraken, said on Monday its local entity Payward FZCO has secured approval from Dubai's Virtual Assets Regulatory Authority (VARA) to operate as a virtual asset service provider, clearing the way for retail, professional and institutional clients in the United Arab Emirates to access the platform within weeks. The license, recorded on VARA's public register as issued on Oct. 6, authorizes Payward FZCO to offer management and investment services along with broker-dealer services. It follows the company's preliminary approval in May 2026.

At launch, Kraken's UAE users will be able to trade spot and margin pairs denominated in UAE dirhams (AED) and execute direct deposit withdrawals, according to Payward's announcement. The company said the rollout is targeted for the coming weeks.

VARA's public registry now lists 58 licensed providers, up from 49 active firms as of May 2026, reflecting a broader expansion of regulated crypto activity in the emirate. Banks and brokers are also scaling up digital-asset offerings under neighboring frameworks. In September, Standard Chartered rolled out spot Bitcoin ($BTC) and Ether ($ETH) trading for institutional clients through its Dubai International Financial Centre branch, which falls under the Dubai Financial Services Authority. In August, trading platform Capital.com disclosed plans to offer spot crypto services in the UAE after its affiliate Capital Vault obtained a virtual-asset license from the country's Capital Market Authority (CMA).

Kraken's UAE entry comes amid continued investment momentum for its parent. Related reporting indicates Nasdaq invested $100 million in Payward at a $21 billion valuation.