Kraken wins full approval from Dubai's crypto regulator and will offer spot and margin trading in UAE dirhams

Kraken is cleared to open for business in Dubai. The emirate's Virtual Assets Regulatory Authority, known as VARA, has granted Payward, Kraken's parent company, full market approval as a virtual asset service provider, the company said in an announcement on Monday, according to crypto.news. VARA had given Payward a preliminary authorization in May.

The approval covers retail, professional and institutional clients, though each product depends on its own permissions. At launch Payward plans spot and margin trading in pairs priced in UAE dirhams, direct dirham deposits and withdrawals, over-the-counter trading and its Kraken Prime service for institutions, on-chain staking and tokenized equities through xStocks. It also plans to let local businesses build Kraken's trading into their own products.

"From launch, clients in the UAE get the same order book and multi-asset coverage," Arjun Sethi, Payward's co-chief executive, said.

The company did not give a date for when customers can sign up. It said crypto derivatives and further yield products would come in late 2026 and 2027, subject to more regulatory approval.

The approval comes a month after Nasdaq agreed to invest $100 million in Payward.