Payward Wins Full Dubai License, Sets Stage for Kraken UAE Launch
Dubai regulator gives Payward full market approval
Kraken's parent company Payward has received full market approval from Dubai's Virtual Asset Regulatory Authority, known as VARA. The company announced the news on Tuesday, October 13, 2026.
With the license, Payward can now operate as a regulated virtual asset service provider in the UAE. It will serve retail investors, professional traders, and institutional clients.
The full approval follows a preliminary license that Payward received in May 2026. That early approval allowed the company to set up its operations before starting to onboard clients.
What UAE customers will get at launch
When Kraken launches in the UAE, customers will be able to trade spot and margin markets using pairs priced in the UAE dirham. They can fund and withdraw accounts directly in dirhams as well.
Available products at launch include on-chain staking, xStocks tokenized equities, and Krak, a feature for making crypto transfers. Institutional clients will also have access to over-the-counter spot trading and Kraken Prime, the company's prime brokerage service.
Crypto derivatives and new yield products are expected later in 2026 or into 2027, though those products remain subject to further regulatory approval.
Payward's wider expansion push
Payward now holds more than 100 licenses and registrations across Europe, the Americas, Asia-Pacific, and the Middle East. The UAE launch is the latest step in a broader push to expand its regulated footprint.
In September, Bloomberg reported that Nasdaq Inc. was investing $100 million in Payward in a deal that valued the company at $21 billion. Under the agreement, Kraken will distribute Nasdaq's tokenized stocks on its platform.
Payward and SoFi Technologies also recently announced a partnership. The deal will route SoFi customers' crypto orders through Kraken Prime and list SoFi's stablecoin on the exchange.
Kraken has been positioning itself as a bridge between crypto and traditional finance. The company has promoted its app as a "primary account for everything," offering users access to stocks, bonds, and other assets alongside cryptocurrencies.
Why this matters
The UAE has emerged as a growing hub for regulated crypto activity in the Middle East. A full license from VARA gives Payward and Kraken a clear path to serve customers across the region with a regulated product set.
The launch also comes as major financial players like Nasdaq and SoFi deepen their ties to the crypto space through partnerships with established exchanges.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.