Kraken Parent Payward Secures Full Dubai License, Sets UAE Launch

Payward, the parent company of cryptocurrency exchange Kraken, announced Tuesday that it has obtained a full market license from Dubai's Virtual Asset Regulatory Authority. This approval enables the company to operate as a regulated virtual asset service provider in the United Arab Emirates, catering to retail, professional, and institutional investors. The development marks a significant expansion for Kraken into the Middle East.

The full license comes after Payward received preliminary approval in May, which allowed it to complete operational setup ahead of client onboarding. At launch, Kraken clients in the UAE will be able to trade spot and margin pairs denominated in dirhams and fund and withdraw directly in the local currency. They will also have access to on-chain staking, xStocks tokenized equities, and Krak for crypto transfers, while institutional clients will gain OTC spot trading and Kraken Prime.

Crypto derivatives and new yield products are expected to be introduced later in 2026 and into 2027, subject to regulatory approval. Payward holds more than 100 licenses and registrations globally, spanning Europe, the Americas, Asia-Pacific, and the Middle East. This extensive regulatory footprint underscores the company's commitment to compliance and global expansion.

The UAE launch coincides with Payward's recent strategic deals. In September, Bloomberg reported that Nasdaq Inc. was investing $100 million in Payward, valuing the company at $21 billion. As part of that deal, Kraken will distribute Nasdaq's tokenized stocks on its platform. Additionally, Payward and SoFi Technologies recently announced a partnership to route SoFi customers' crypto orders through Kraken Prime, Kraken's prime brokerage arm launched in 2025, and to list SoFi's stablecoin on the exchange.

Kraken, like other crypto exchanges, is increasingly pushing into traditional finance by allowing users to trade stocks, bonds, and other assets. The company has marketed its app as a 'primary account for everything,' aiming to become a one-stop shop for financial services. The full Dubai license and UAE launch represent another step in that direction, broadening Kraken's reach into a key crypto-friendly jurisdiction.