CONFIRMED: based on Payward’s own announcement, published via BusinessWire on 12 October 2026. Kraken has not launched in the UAE yet.
Payward, the parent company of crypto exchange Kraken, “today announced plans to launch in the UAE, after receiving Full Market Approval from the Virtual Asset Regulatory Authority (VARA) in Dubai,” the company said on 12 October [1]. Payward says Kraken is targeting “a go-live for UAE clients in the coming weeks” [1]. It has not given a date.
“The approval permits Payward to operate as a regulated Virtual Asset Service Provider, serving retail, professional and institutional investors,” the company said [1]. In plain terms: ordinary people, professional traders and big institutions in Dubai can all become clients once the service goes live.
What is VARA, and what do the approval stages mean?
VARA is Dubai’s dedicated crypto regulator, set up in 2022 to license and supervise companies that deal in “virtual assets” (crypto). A Virtual Asset Service Provider, or VASP, is the official term for a firm such as an exchange that buys, sells, holds or transfers crypto for customers.
VARA does not hand out a licence in one go. A firm moves through stages:
- Preliminary approval. Payward received this in May 2026. According to the company, it “permitted the entity to complete operational set-up ahead of client onboarding” [1]. That means building offices, systems and staff, but not yet taking on customers.
- Full Market Approval. This is what Payward announced today. “Full Market Approval is the final stage of VARA’s licensing process and authorises Payward to commence regulated activity in Dubai,” the company said [1]. This is the step that lets it actually serve clients.
So the news today is not the May approval. It is that Kraken’s parent has cleared the last regulatory gate.
What Kraken plans to offer at launch
According to Payward [1], at launch Kraken clients in the UAE will be able to:
- “trade spot and margin with AED-denominated pairs, and fund and withdraw directly in dirhams.” Spot trading means buying and selling crypto outright; margin means trading with borrowed money, which increases both gains and losses. AED is the UAE dirham.
- use “on-chain staking, xStocks as well as Krak for crypto transfers.” Staking means locking up coins to help run a blockchain in return for rewards. xStocks are tokenised versions of shares. Krak is Kraken’s app for sending crypto.
- for institutional clients, use “OTC spot trading and Kraken Prime.” OTC (over-the-counter) means large trades arranged directly rather than on the public order book; Kraken Prime is its service for big clients.
More is planned but not yet approved: “Additional products, including crypto derivatives and an expanded range of new yield opportunities, are expected to follow later in 2026 and into 2027, subject to regulatory approval” [1]. Derivatives are contracts that bet on a price, such as futures.
What Kraken says
“From launch, clients in the UAE get the same order book and multi-asset coverage we run in every other market, under one of the clearest regulatory frameworks in the world,” said Arjun Sethi, Co-CEO of Payward and Kraken. “Payward’s regulatory infrastructure now connects them directly to Kraken’s market-leading liquidity, along with a growing range of opportunities across digital assets” [1].
Payward says it “currently holds more than 100 licences and registrations worldwide, spanning Europe, the Americas, Asia-Pacific and the Middle East” [1].
What is not known
- The exact launch date.
- When, or whether, derivatives and new yield products will be approved.
Sources
- Payward, Inc., “Kraken Plans UAE Launch, Following Full Market Approval from VARA in Dubai”, BusinessWire, 12 October 2026. https://www.businesswire.com/news/home/20261012881259/en/ (syndicated copy: https://www.finanznachrichten.de/nachrichten-2026-10/69810697-payward-inc-kraken-plans-uae-launch-following-full-market-approval-from-vara-in-dubai-004.htm)
