Payward, the parent company of global cryptocurrency platform Kraken, has received preliminary approval from Dubai’s Virtual Asset Regulatory Authority (VARA). The move clears the way for Kraken to establish a regulated presence in the UAE, offering a full suite of services including direct dirham (AED) funding and trading pairs for local clients.
Quick Facts
- Payward granted preliminary approval from Dubai’s VARA.
- Kraken to offer AED funding, withdrawals, and trading pairs.
- Services include spot, margin, OTC trading, and staking.
Bridging Global Liquidity with Local Regulation
By securing the broker-dealer, investment, and management license from VARA, Kraken can now operate a local, supervised entity in Dubai. This allows UAE-based traders to access Kraken’s global order books and deep liquidity, which span major markets in Europe, the US, and APAC. Clients will be able to fund their accounts and withdraw in dirhams, creating a direct on-ramp to global crypto markets.
“Dubai wrote a rulebook for crypto before most jurisdictions even acknowledged the asset class,” said Arjun Sethi, Co-CEO of Payward and Kraken. “That clarity is why real liquidity and institutional capital now sit in the UAE. Operating under VARA puts Kraken inside that perimeter, serving clients through a local, supervised entity rather than from offshore.”
Sethi emphasized that clients in the UAE will have access to the same order book and asset coverage as in other markets, with the key difference being the local regulatory oversight.
Product Rollout for UAE Traders
Kraken plans to introduce its Buy, Trade, and Earn products to the UAE, giving users direct access to spot trading and staking, pending final regulatory approvals. The platform will also provide margin and OTC trading, along with Kraken Prime services for institutional clients.
Over time, Kraken intends to expand its local offering to include derivatives, lending, and new investment products for qualified clients, further solidifying its presence in one of the region’s key financial hubs.
About Payward
Payward, Inc. is a financial infrastructure platform that powers products aimed at advancing an open, global financial system. Built on a shared architecture, Payward enables customers to hold, trade, earn, pay, and invest across various asset classes. The company provides the core infrastructure behind Kraken, NinjaTrader, Breakout, xStocks, and CF Benchmarks, operating on a unified global liquidity pool, risk engine, and compliance framework.
About Kraken
Founded in 2011, Kraken is one of the world’s longest-standing and most secure crypto platforms. It allows clients to trade more than 600 digital assets and several national currencies. Trusted by millions of institutions and traders, Kraken offers a suite of products including the Kraken App, Kraken Pro, and Kraken Institutional for advanced trading, staking, and portfolio management. The platform was the first to conduct a Proof of Reserves audit, setting a standard for transparency in the industry.
Source: MEA Tech Watch
