TLDR
- Payward received preliminary VARA approval allowing Kraken to prepare regulated crypto services in Dubai market.
- UAE clients will gain AED deposits, withdrawals and direct access to Kraken global orderbooks locally.
- Kraken plans spot, margin, OTC trading, staking and Prime services for eligible clients in UAE.
- Sethi said Dubai’s clear crypto rules helped attract liquidity and institutional capital to UAE markets.
- Payward says its shared infrastructure supports Kraken, NinjaTrader, xStocks, Breakout and CF Benchmarks globally today.
Payward’s preliminary VARA approval gives Kraken a clearer path into the UAE crypto market. With planned AED funding, local trading access, staking and institutional services, Kraken is preparing to serve Dubai clients through a regulated entity. The move also supports Payward’s wider push to build licensed operations in major financial centers.
Payward Gains VARA Approval for UAE Expansion
Payward, the parent company of Kraken, announced its expansion into the United Arab Emirates. The company said it received preliminary approval for a broker-dealer, investment and management licence from VARA.
The approval gives Kraken a path to offer regulated crypto services in Dubai. These services may include spot trading, margin trading, OTC trading and staking.
Kraken also plans to offer access to Kraken Prime for institutional clients. The company said users may also send crypto through Krak, its peer-to-peer transfer product.
Payward said the UAE launch forms part of its wider global growth plan. It aims to build regulated local operations in major financial markets.
Kraken Plans AED Funding and Local Trading Access
Kraken said UAE clients will be able to fund and withdraw in UAE dirhams. This will give local traders direct access to crypto markets through a regulated channel.
The company also plans to offer AED trading pairs to users in the region. This may reduce the need for currency conversion before trading crypto assets.
UAE clients will also gain access to Kraken’s global orderbooks. The exchange says its orderbooks serve major markets in Europe, the United States and Asia-Pacific.
“Dubai wrote a rulebook for crypto before most jurisdictions even acknowledged the asset class,” said Arjun Sethi. He is Co-CEO of Payward and Kraken.
Dubai Licence Supports Kraken’s Regional Presence
Sethi said Dubai’s clear rules have helped draw market activity to the UAE. He said, “That clarity is why real liquidity and institutional capital now sit in the UAE.”
He added that Kraken will operate through a supervised local entity. He said this gives clients access under local oversight, rather than offshore service.
“Clients in the UAE get the same order book, the same balance sheet, and the same multi-asset coverage,” Sethi said. He said the local rulebook and supervisor make the main difference.
Payward said its shared system supports Kraken and other products. These include NinjaTrader, Breakout, xStocks and CF Benchmarks. Kraken said future UAE services may include derivatives, lending and new investment products for qualified clients, subject to approval.
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