Dubai's VARA grants Kraken parent Payward full market approval ahead of UAE launch
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What happened
Payward, the parent company of Kraken, announced on October 12, 2026 that it had received Full Market Approval from Dubai's Virtual Assets Regulatory Authority (VARA), following a preliminary approval in May. CryptoTicker, citing VARA's public register, reported that VASP licence VL/26/10/002 was issued to Payward FZCO on October 6, 2026. The register listed the licence as active and covering institutional, qualified and retail investors.
Kraken said it planned a UAE launch after the approval. CryptoTicker reported that the planned products for UAE clients included AED-denominated spot and margin trading, staking, tokenized equities, and direct deposits and withdrawals launching in the coming weeks. Crypto derivatives and additional yield products were planned for 2026 to 2027, subject to approval. The register listed Payward FZCO under broker-dealer and management and investment services, not the exchange services category held by Binance, OKX and Flipster. CryptoTicker also noted that Kraken had received approval from Abu Dhabi's ADGM in 2022 and wound that down in 2023.
Key points
- VARA's register lists licence VL/26/10/002 as issued to Payward FZCO on October 6, 2026.2
- Payward announced Full Market Approval on October 12, after a preliminary approval in May 2026.12
- Planned UAE products include AED spot and margin trading, staking and tokenized equities.2
- Derivatives and more yield products are planned for 2026 to 2027, subject to approval.2
- The licence covers broker-dealer and management and investment services, not exchange services.2
Why it matters
The licence covered institutional, qualified and retail investors in Dubai, adding a regulated market to Kraken's business. No user or revenue figures were given for the UAE.
Derivatives were not in the launch set and needed further approval. The register category excluded exchange services, so the Dubai entity's role was narrower than the exchange licences held there by Binance and OKX.
Kraken had held ADGM approval in Abu Dhabi from 2022 and wound it down in 2023, so the Dubai licence marked a return to a market where it had previously stepped back.
In context
| Round | Date | Post-money valuation | Raised | Led by |
|---|---|---|---|---|
| Funding round | Sep 25, 2025 | $15B | $600M | DRW Venture Capital, HSG, Jane Street, Oppenheimer Alternative Investment Management, and Tribe Capital |
| Strategic investment | Nov 18, 2025 | $20B | $200M | Citadel Securities |
| Strategic investment | Sep 10, 2026 | $21B | $100M | Nasdaq Ventures |
Updated
Fact-check
- Payward announced on October 12, 2026 that it received VARA Full Market Approval in Dubai, following preliminary approval in May.Confirmed by [2] CryptoTicker (dated October 12, 2026, approval announced on Monday after preliminary approval in May) and by the title and date of the [1] Business Wire release.Verified
- VARA issued licence VL/26/10/002 to Payward FZCO on October 6, 2026.Confirmed by [2] CryptoTicker, citing the VARA public register, which lists the licence as active.Verified
- Planned UAE products include AED spot and margin trading, staking, tokenized equities and direct deposits and withdrawals in the coming weeks; derivatives and yield products are planned for 2026 to 2027, subject to approval.Confirmed by [2] CryptoTicker.Verified
- The register lists Payward FZCO under broker-dealer and management and investment services, not exchange services.Confirmed by [2] CryptoTicker.Verified
- Kraken had ADGM approval in 2022 and wound it down in 2023.Confirmed by [2] CryptoTicker.Verified
Sources
- [1]Business Wire (Payward) (opens in a new tab)Kraken Plans UAE Launch, Following Full Market Approval from VARA in Dubai
- [2]CryptoTicker (opens in a new tab)Kraken Dubai VARA licence (citing VARA public register)VASP licence VL/26/10/002, issued to Payward FZCO on October 6, 2026
