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Payward Secures Final Approval from Dubai Regulator for Kraken's UAE Operations
Payward FZCO, the parent company of cryptocurrency exchange Kraken, has received Full Market Approval from Dubai's Virtual Assets Regulatory Authority (VARA) as of October 12, 2026. This approval allows Kraken to begin serving clients in the United Arab Emirates in the coming weeks, offering services such as trading, staking, and transfers.
As a licensed Virtual Asset Service Provider (VASP), Payward will cater to a diverse clientele, including retail, professional, and institutional clients. Users will have the ability to trade spot and margin on cryptocurrency pairs denominated in the UAE dirham (AED), as well as access on-chain staking, which allows users to earn rewards by locking up certain tokens to support blockchain networks.
In addition to retail services, Kraken will provide institutional clients with over-the-counter (OTC) trading and advanced services through Kraken Prime. This approach enables large trades to be executed privately, minimizing market impact. Kraken's global order books will ensure deep liquidity for these transactions, drawing from markets in Europe, the United States, and the Asia-Pacific region.
Payward's ambitions extend beyond the initial offerings, with plans to introduce additional products such as derivatives and yield services in 2026 and 2027, pending further regulatory approvals. Dubai has established itself as a regulated hub for digital assets, with VARA overseeing virtual asset activities beyond the Dubai International Financial Centre.
Source: KLEA News