Payward, the parent company of Kraken, has received full market approval from Dubai's Virtual Assets Regulatory Authority, clearing the group to prepare a regulated launch for clients in the United Arab Emirates. Payward announced the approval on October 12 and said Kraken is targeting a go-live in the coming weeks. The regulator's public register lists Payward FZCO's virtual asset service provider licence as active, with an issuance date of October 6. That register provides an independent regulatory check on the company's announcement and identifies the precise activities covered.

What the licence covers

VARA's register authorizes Payward FZCO for broker-dealer services and management and investment services. The approval permits the local entity to serve retail, professional and institutional investors. It follows preliminary approval granted in May, which allowed Payward to complete its operational setup but did not permit client onboarding. Full approval is therefore a regulatory milestone, not evidence that all planned products are already live.

Related reporting: Payward maps Kraken expansion into unified financial infrastructure

Dirham funding is central to the rollout

At launch, Kraken says UAE clients will be able to deposit and withdraw United Arab Emirates dirhams and trade spot and margin markets with AED-denominated pairs. The planned local offering also includes on-chain staking, xStocks and crypto transfers through Krak. Institutional customers are expected to gain access to over-the-counter spot trading and Kraken Prime. Payward has not published the initial list of AED pairs, pricing details or a specific opening date.

Later products still need approval

Payward said crypto derivatives and a wider range of yield opportunities could follow later in 2026 and into 2027, but made those plans explicitly subject to regulatory approval. That qualification is important because VARA's register currently describes the activities covered by the active licence and does not authorize every product that Kraken offers in other markets. Availability may also depend on client classification and product-specific conditions.

Dubai expands its licensed market

The approval adds another global exchange group to Dubai's regulated virtual asset sector. VARA's public register listed 58 licensed providers when reviewed on October 12. The framework distinguishes active VASP licences from in-principle approvals, and the regulator states that firms holding only preliminary status cannot begin regulated activity or service clients. Payward's move from preliminary to full approval removes that restriction for the activities named on its licence.

Local licensing, global infrastructure

The planned Dubai launch uses a locally licensed Payward entity while connecting clients to Kraken's broader trading infrastructure. Payward says UAE users will receive access to the same order book and multi-asset coverage offered across its other markets, rather than a separate pool of local liquidity. Independent reporting confirmed the licence details and planned product set while noting that customer access remains prospective. The structure combines Dubai-specific authorization and onboarding with a global execution system, subject to the local licence and product restrictions.

What to watch next

The next verifiable steps are a confirmed launch date, published AED trading pairs and customer onboarding terms. Details on fees, banking partners and eligibility for staking or xStocks will determine how the service works in practice. Payward has also said its infrastructure could be made available to regional partners through embedded trading services, but it named no partners or timetable. Until the company announces that the UAE platform is open, the development should be understood as final regulatory clearance paired with a launch plan, rather than a completed commercial rollout.

Sources

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