Payward Wins Full Dubai Approval to Bring Kraken Services to UAE
Payward, Kraken's parent company, has obtained full authorization from Dubai's Virtual Assets Regulatory Authority to serve retail, professional, and institutional clients in the UAE. The company plans to offer dirham-denominated spot and margin trading, direct fiat deposits and withdrawals, staking, tokenized equities, and institutional services such as OTC spot trading and Kraken Prime. Additional derivatives and yield products are expected later, pending regulatory approval.
Payward, which owns Kraken, gained preliminary Dubai clearance in May. That earlier stage allowed it to build operations before starting client onboarding. Its new full VARA authorization lets it serve individual, professional, and institutional customers across the UAE.
The UAE rollout is set to include spot and margin trading in dirham pairs, direct dirham deposits and withdrawals, staking, tokenized equities, and Krak transfers. Institutional users may get over-the-counter spot trading and Kraken Prime. Derivatives and extra yield offerings are planned later, subject to approval.
The Dubai approval could give UAE residents and institutions more regulated ways to trade and hold digital assets, potentially improving access and confidence. It may also increase competition among crypto providers in the region, which could affect fees and service quality. For traditional finance, closer links between exchanges and established firms may make crypto products more familiar, though risks such as volatility and regulatory change remain. Overall, the impact may be gradual rather than immediate.