Kraken targets UAE launch after Payward secures full Dubai approval

Kraken plans to launch locally regulated services for UAE clients in the coming weeks, parent company Payward announced on October 12 after securing full market approval from Dubai’s Virtual Assets Regulatory Authority. The announcement describes a planned rollout, rather than services already available under the new licence.

Approval and launch have different dates

VARA’s public register lists Payward FZCO’s licence as active, with an October 6 issuance date and reference VL/26/10/002. The permitted activities are Broker-Dealer Services and Management and Investment Services. The record allows the entity to serve institutional, qualified and retail investors.

The October 12 announcement therefore follows the licence issuance. It does not establish October 12 as the date trading began. VARA’s remit covers Dubai’s mainland and free zones except the Dubai International Financial Centre, which has a separate regulatory jurisdiction.

Payward previously received preliminary approval in May. Its new statement says that earlier stage allowed operational setup before onboarding clients. Full market approval is the final licensing stage and authorises the regulated activity in Dubai.

Dirham access is part of the planned rollout

According to Payward’s launch announcement, the initial offering will include spot and margin trading in UAE dirham pairs, with direct dirham deposits and withdrawals. It also lists onchain staking, xStocks and crypto transfers through Krak. Institutional clients are expected to receive OTC spot trading and Kraken Prime access.

These are the company’s stated launch plans. Payward has not named an exact go-live day in the announcement. Crypto derivatives and additional yield products are planned for later in 2026 and into 2027, subject to regulatory approval, so the current licence announcement does not confirm their availability.

For prospective clients, the immediate distinction is between an active regulated entity, a forthcoming initial product rollout and later offerings that still depend on approval.