Kraken parent company Payward receives full market approval from Dubai's VARA, plans to enter UAE market.

BlockBeats news, October 12: Kraken parent company and integrated financial infrastructure platform Payward announced today that it plans to officially enter the UAE market after receiving full market approval from the Dubai Virtual Assets Regulatory Authority (VARA). The approval allows Payward to operate as a regulated virtual asset service provider (VASP), serving retail, professional, and institutional investors.

After the official launch of services, Kraken users in the UAE region will be able to use trading pairs denominated in United Arab Emirates dirham (AED) for spot and margin trading, and directly deposit and withdraw using dirhams. Users will also be able to use on-chain staking, xStocks, and the Krak service for crypto asset transfers; institutional clients will be able to use over-the-counter spot trading services and Kraken Prime.

Subject to regulatory approval, Payward expects to roll out more products later in 2026 through 2027, including crypto derivatives and richer yield opportunities. In addition, Payward will also open its infrastructure to partners in the region through embedded trading services.