Kraken Expands Into the UAE After Clearing Dubai’s Final Regulatory Hurdle
Article excerpt
Kraken is gearing up to launch its crypto services in the United Arab Emirates after receiving full market approval from Dubai’s Virtual Asset Regulatory Authority (VARA). The approval clears the way for its parent company, Payward, to operate as a regulated virtual asset service provider in Dubai. The company will be able to serve retail, professional, and institutional investors in the region. Initially, UAE customers will get access to spot and margin trading, with trading pairs denominated in the UAE dirham (AED). Users will also be able to deposit and withdraw funds directly in dirhams. They may no longer need to rely on other currencies to fund their trading activity. The launch lineup will also include on-chain staking, xStocks, and Krak, Kraken’s service for crypto transfers. Institutional clients will have access to over-the-counter (OTC) spot trading and Kraken Prime. The company also plans to introduce more products over time. For instance, crypto derivatives and a wider range of yield opportunities are expected to arrive later in 2026 and into 2027. However, these services will depend on further regulatory approval. Payward also plans to offer its trading infrastructure to regional partners through an embedded trading-as-a-service model. The latest approval is the final stage of VARA’s licensing process. It follows preliminary approval granted to Payward in May...
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The two entities are also working on tokenized stocks, and a launch is targeted for the second quarter of 2027.
