BREAKING: Kraken Wins Final Dubai Licence — UAE Launch Within Weeks With Dirham Trading and Tokenized Stocks
One of the world's biggest crypto exchanges is about to open in the Emirates. Kraken's parent company Payward has received Full Market Approval from Dubai's Virtual Assets Regulatory Authority, known as VARA, in an announcement dated October 12. The approval is the final stage of Dubai's licensing process, and it clears Kraken to launch regulated services across the United Arab Emirates within weeks, through its local arm Payward FZCO, for retail, professional and institutional clients.
At launch, people in the UAE will be able to trade spot and margin pairs priced in dirhams, and they will be able to deposit and withdraw dirhams directly, without first changing their money into another currency. Kraken says UAE clients will trade on the same order book and with the same wide coin coverage that it runs in its other markets around the world.
The first menu is wider than trading alone. It includes on-chain staking, tokenized stocks through xStocks, and crypto transfers through Krak, the company's payments app. Bigger clients will also get over-the-counter spot trading and Kraken Prime, its service for professional and institutional traders who move larger amounts.
This licence did not arrive overnight. Payward first received preliminary approval in May 2026 and spent the months since then building its Dubai operation before it was allowed to take customers. The final approval covers broker-dealer services as well as management and investment services. Payward says it now holds more than 100 licences and registrations worldwide, and its co-CEO Arjun Sethi described Dubai as offering one of the clearest rulebooks in the world for crypto firms.
For traders, the meaning is simple: more regulated choice in the Gulf. A large global exchange offering local-currency pairs usually means easier deposits, tighter spreads and stronger competition for the platforms already working in the region. Kraken also plans crypto derivatives and more yield products for the UAE later in 2026 and during 2027, but those still need further regulatory approval, so they are not part of the launch menu.
Dubai keeps adding big names to its regulated crypto map, and Kraken is one of the largest exchanges to complete the full VARA process so far. If the launch lands within weeks as planned, UAE traders will soon be able to compare its dirham markets directly against local rivals — and that competition is usually good news for everyday users.
This post is news only, not financial advice. Always do your own research before buying or selling crypto.
Sources: Blockchain Reporter, CoinStats, Traders Union, Grafa
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