Kraken, one of the world’s longest-established cryptocurrency exchanges, is set to launch operations for UAE users in the coming weeks. Payward, Kraken’s parent company, announced on Monday, October 12, that it had received final approval from Dubai’s Virtual Assets Regulatory Authority (VARA), allowing it to serve retail, professional and institutional investors.

Payward said customers will have access to spot and margin trading with dirham-based pairs at launch and will be able to deposit and withdraw dirhams directly from their accounts. Services will also include on-chain staking, xStocks tokenised equities and the Krak cryptocurrency transfer app. Institutional clients will have access to Kraken Prime’s full-service brokerage offering, in addition to over-the-counter spot trading.

Cryptocurrency derivatives and a broader range of yield-generating products are expected to be added from late 2026 and during 2027, subject to regulatory approval. Payward also plans to make its infrastructure available to regional partners, enabling them to offer trading services through Kraken’s systems.

Arjun Sethi, co-CEO of Payward and Kraken, said: “From launch, UAE clients will have access to the same order book and the same range of assets offered across our other markets, within one of the world’s most transparent regulatory frameworks.” He added that Payward’s regulatory infrastructure now connects these clients directly to Kraken’s leading liquidity and a growing range of opportunities in the digital asset market.

Final approval is the last stage of VARA’s licensing process and allows Payward to begin operating in Dubai under the regulator’s supervision. The company received preliminary approval in May 2026, which allowed only operational preparations before onboarding customers. Kraken is entering the Dubai market after major rivals Binance and OKX, which have held full VARA licences since 2024.

Payward now holds more than 100 licences and registrations across Europe, the Americas, Asia-Pacific and the Middle East. Deutsche Börse, operator of the Frankfurt Stock Exchange, acquired a 1.5 per cent stake in the company for $200 million in April. Nasdaq also invested $100 million in Payward, with Bloomberg citing people familiar with the matter as saying the deal valued the company at $21 billion. Under the agreement, Kraken will offer customers tokenised versions of Nasdaq-listed shares on its platform.