Kraken Enters UAE Market After Regulatory Approval

Market Expansion into UAE

Kraken has secured full market approval from Dubai's Virtual Asset Regulatory Authority (VARA) to launch its crypto services in the United Arab Emirates. This approval clears the way for its parent company, Payward, to operate as a regulated virtual asset service provider in Dubai.

Regulatory Approval and Market Access

The approval allows Kraken to serve retail, professional, and institutional investors in the region. UAE customers will initially have access to spot and margin trading, with trading pairs denominated in the UAE dirham (AED). Users will also be able to deposit and withdraw funds directly in dirhams.

Institutional Clients and OTC Trading

Institutional clients will have access to over-the-counter (OTC) spot trading and Kraken Prime. The company also plans to introduce more products over time, including crypto derivatives and a wider range of yield opportunities. These services will depend on further regulatory approval.

Embedded Trading-as-a-Service Model

Payward also plans to offer its trading infrastructure to regional partners through an embedded trading-as-a-service model. This will enable the company to expand its reach and offer its services to a wider audience.

Regulatory Footprint and Future Plans

Payward currently holds more than 100 licenses and registrations worldwide. Its regulatory footprint spans Europe, the Americas, Asia-Pacific, and the Middle East. Kraken has had a busy year, with major deals including investments from Deutsche Börse and Nasdaq. The company is also working on tokenized stocks and plans to launch a new product in 2027.