Payward Secures Full Dubai License for Kraken's UAE Launch

Payward, the parent firm of crypto exchange Kraken, announced intentions to launch operations in the United Arab Emirates.

Following full market approval from the Dubai Virtual Asset Regulatory Authority (VARA), Payward stated on Tuesday that it can now function as a regulated virtual asset service provider catering to retail, professional, and institutional investors.

This approval comes after a preliminary nod in May, which enabled the company to finalize its operational setup before starting to onboard customers.

JUST IN: Kraken has been approved to launch Bitcoin and crypto asset trading in the UAE

When the platform launches, Kraken customers in the UAE will have the ability to trade spot and margin using dirham-denominated pairs, as well as deposit and withdraw funds directly in dirhams.

Additionally, users will get access to on-chain staking, xStocks tokenized equities, and Krak for crypto transfers. Institutional clients will receive OTC spot trading and Kraken Prime. New crypto derivatives and yield products are anticipated in late 2026 and into 2027, pending regulatory clearance.

Payward maintains over 100 licenses and registrations globally, covering Europe, the Americas, Asia-Pacific, and the Middle East.

This expansion coincides with a series of recent deals by the company. In September, Bloomberg reported that Nasdaq Inc. is investing $100 million in Payward, valuing the firm at $21 billion. According to the report, Kraken will distribute Nasdaq's tokenized stocks on its platform.

Payward and SoFi Technologies have also recently unveiled an agreement to direct SoFi clients' crypto orders through Kraken Prime—Kraken's prime brokerage service launched in 2025—and to list SoFi's stablecoin on the exchange.

Similar to other crypto exchanges, Kraken is expanding into traditional finance, enabling users to trade stocks, bonds, and other assets. The company markets its app as a 'primary account for everything.'