Crypto exchange Kraken’s parent company Payward has said it has plans to launch in the United Arab Emirates.
After receiving full market approval from Dubai’s Virtual Asset Regulatory Authority, Payward said Tuesday that Payward can now operate as a regulated virtual asset service provider serving retail, professional and institutional investors.
It follows a preliminary approval in May that allowed the company to complete its operational set-up ahead of onboarding clients.
At launch, Kraken clients in the UAE will be able to trade spot and margin with dirham-denominated pairs and fund and withdraw directly in dirhams.
They’ll also have access to on-chain staking, xStocks tokenized equities and Krak for crypto transfers, while institutional clients gain OTC spot trading and Kraken Prime. Crypto derivatives and new yield products are expected later in 2026 and into 2027, subject to regulatory approval.
Payward holds more than 100 licenses and registrations worldwide, spanning Europe, the Americas, Asia-Pacific and the Middle East.
The expansion comes as the company increasingly makes a number of deals. In September, Bloomberg reported that Nasdaq Inc. was investing $100 million in Payward in a deal valuing the company at $21 billion. Kraken will distribute Nasdaq’s tokenized stocks on its own platform, according to the report.
Payward and SoFi Technologies also recently announced a deal 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 pushing into the traditional finance world, allowing users to trade stocks, bonds and other assets. The company has sold its app as a “primary account for everything.”