Kraken parent Payward secured preliminary approval from Dubai’s Virtual Assets Regulatory Authority to expand its regulated crypto services in the United Arab Emirates.
The approval covers a broker dealer, investment, and management license, giving Kraken a path to offer a broader suite of products to UAE customers through a locally regulated Payward subsidiary. The planned services include spot trading, margin trading, OTC trading, staking, crypto transfers through Krak, and Kraken Prime for institutional clients.
Kraken said UAE clients will also gain access to its global order books, connecting local traders to liquidity across markets in Europe, the US, and Asia Pacific. The company also plans to support dirham funding and withdrawals, giving users a local fiat on ramp into global crypto markets.
Dubai has become a key market for crypto firms seeking clearer regulatory pathways. VARA was created to oversee virtual asset activity in Dubai and publishes a public register of licensed virtual asset service providers in the emirate.
Arjun Sethi, co CEO of Payward and Kraken, said Dubai’s early crypto rulebook helped attract liquidity and institutional capital to the region. He said operating under VARA places Kraken inside a local regulatory perimeter rather than serving clients from offshore.
