Kraken Gets VARA Approval to Expand Into Dubai and the UAE
Payward received preliminary VARA approval in May 2026 for a broker-dealer and investment license in Dubai, letting Kraken serve UAE clients with AED funding.
Payward announced on May 21, 2026 that it had received preliminary approval from Dubai's Virtual Assets Regulatory Authority (VARA) for a broker-dealer and investment management license. The approval lets Kraken expand into the United Arab Emirates through a local subsidiary, Payward FZCO.
Services for UAE clients
Kraken listed the services it plans to offer in Dubai:
Clients will trade on Kraken's global order books and can deposit and withdraw in UAE dirhams (AED) through the local entity. Kraken said its Buy, Trade and Earn products would launch subject to regulatory approval, with derivatives, lending and other investment products for qualified clients to follow later.
Retail clients can only use the services VARA permits for retail investors.
Context
The UAE has become a hub for licensed crypto exchanges. Bybit received a federal SCA license there in October 2025, and several other exchanges operate under VARA in Dubai. Co-CEO Arjun Sethi said operating under VARA means serving clients "through a local, supervised entity rather than from offshore."
Source: Official exchange announcement
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