Kraken Conquers Dubai: Crypto Giant Secures Full License for UAE Expansion
Kraken's parent company, Payward, has officially launched in the UAE after securing full market approval from Dubai's Virtual Asset Regulatory Authority. The exchange will offer dirham-denominated crypto trading, staking, and tokenized equities, with future plans for derivatives. This expansion is supported by strategic investments from Nasdaq and a new partnership with SoFi Technologies.
Payward, the parent company of the prominent crypto exchange Kraken, has announced its official launch in the United Arab Emirates (UAE). This significant expansion follows the receipt of full market approval from Dubai’s Virtual Asset Regulatory Authority (VARA). With this approval, Payward is now authorized to operate as a regulated virtual asset service provider, catering to a diverse clientele including retail, professional, and institutional investors across the UAE. This milestone comes after a preliminary approval in May, which enabled the company to establish its operational infrastructure in preparation for client onboarding.
Upon its launch in the UAE, Kraken will offer a comprehensive suite of services tailored to local clients. Users will be able to engage in spot and margin trading using dirham-denominated pairs, alongside direct funding and withdrawal capabilities in dirhams. The platform will also provide access to on-chain staking, xStocks for trading tokenized equities, and Krak for efficient crypto transfers. Institutional clients will benefit from specialized services such as OTC spot trading and access to Kraken Prime, the company’s prime brokerage arm. Looking ahead, Kraken plans to introduce crypto derivatives and new yield products later in 2026 and into 2027, subject to further regulatory approvals.
Kraken's global presence is substantial, with Payward holding more than 100 licenses and registrations worldwide, spanning key regions including Europe, the Americas, Asia-Pacific, and the Middle East. This strategic expansion into the UAE is part of a broader period of growth and a series of significant deals for the company. In September, it was reported that Nasdaq Inc. made a $100 million investment in Payward, valuing the company at $21 billion. This partnership also involves Kraken distributing Nasdaq’s tokenized stocks on its platform.
Further cementing its position in the evolving financial landscape, Payward and SoFi Technologies recently entered into an agreement. This deal will see SoFi customers' crypto orders routed through Kraken Prime, which was launched in 2025. Additionally, SoFi’s stablecoin will be listed on the Kraken exchange. These moves highlight Kraken's ongoing strategy to bridge the gap between the cryptocurrency sector and traditional finance, enabling users to trade a wider range of assets, including stocks and bonds. The company envisions its app serving as a “primary account for everything,” reflecting its ambition to be an all-encompassing financial platform.