Kraken Parent Payward Wins Full Dubai License, Plans UAE Launch
Key Takeaways
- •Payward received full market approval from Dubai's Virtual Asset Regulatory Authority (VARA), enabling Kraken to launch in the UAE as a regulated virtual asset service provider for retail, professional, and institutional investors.
- •UAE clients will be able to trade spot and margin with dirham-denominated pairs and fund and withdraw directly in dirhams, with access to on-chain staking, xStocks tokenized equities, and Krak for crypto transfers at launch.
- •Crypto derivatives and new yield products are planned for later in 2026 and into 2027, subject to regulatory approval.
- •With the Dubai license, Payward now holds more than 100 licenses and registrations worldwide, and Bloomberg reported in September that Nasdaq is investing $100 million in the company at a $21 billion valuation.
- •Payward recently announced a deal with SoFi Technologies to route SoFi customers' crypto orders through Kraken Prime and to list SoFi's stablecoin on the exchange.
Payward, the parent company of crypto exchange Kraken, has announced plans to launch in the United Arab Emirates after receiving full market approval from Dubai's Virtual Asset Regulatory Authority (VARA).
In the official announcement, Payward said Tuesday that it can now operate as a regulated virtual asset service provider in Dubai, serving retail, professional and institutional investors. The approval follows a preliminary license granted in May, which allowed the company to complete its operational set-up ahead of onboarding clients. The full approval is the step that lets the company move beyond preparation and begin serving clients under VARA's oversight.
JUST IN: Kraken has been approved to launch Bitcoin and crypto asset trading in the UAE pic.twitter.com/H7gJNwK3KS
— Bitcoin Magazine (@BitcoinMagazine) October 13, 2026https://x.com/BitcoinMagazine/status/2110006855120363907?ref_src=twsrc%5Etfw
According to the announcement, UAE clients will be able to trade spot and margin with dirham-denominated pairs at launch and will be able to fund and withdraw directly in dirhams. They will also have access to on-chain staking, xStocks tokenized equities and Krak for crypto transfers, while institutional clients gain OTC spot trading and Kraken Prime. The line-up gives Kraken a regulated Middle East base with local-currency rails from the first day of service.
Crypto derivatives and new yield products are expected later in 2026 and into 2027, subject to regulatory approval — a gate that will determine when the offering widens beyond the launch set.
With the Dubai license in hand, Payward now holds more than 100 licenses and registrations worldwide, spanning Europe, the Americas, Asia-Pacific and the Middle East. The Dubai approval turns that Middle East coverage into a live operating market for local clients.
The expansion comes as the company strikes a growing number of deals. In September, Bloomberg reported that Nasdaq Inc. was investing $100 million in Payward in a deal valuing the company at $21 billion. Kraken will distribute Nasdaq's tokenized stocks on its own platform, according to the report.
Payward and SoFi Technologies also recently announced a deal to route SoFi customers' crypto orders through Kraken Prime, Kraken's prime brokerage arm launched in 2025, and to list SoFi's stablecoin on the exchange. Taken together with the UAE launch, the deals show Payward building regulated market access and traditional finance distribution in parallel.
Like other crypto exchanges, Kraken has been pushing into the traditional finance world, allowing users to trade stocks, bonds and other assets alongside digital currencies. The company has sold its app as a "primary account for everything."
This post first appeared on Bitcoin Magazine and was written by Mathew Di Salvo. Source: Bitcoin Magazine
