Kraken’s parent company, Payward, has received preliminary approval from the Dubai Virtual Asset Regulatory Authority (VARA) for broker-dealer, investment, and management licenses, enabling the exchange to operate in the UAE.

The approval allows Kraken to offer regulated crypto services, including spot, margin, and OTC trading, staking, and institutional access via Kraken Prime. Retail clients in the UAE will access global order books and fund accounts in dirhams through Payward’s local subsidiary.

“Clients will receive the same multi-asset coverage and balance as other markets, while adhering to local rules and management,” said Arjun Sethi, co-CEO of Payward and Kraken.

Previously, Payward announced the acquisition of Hong Kong-based stablecoin payments firm Reap Technologies for $600 million, marking Kraken’s first Asian infrastructure purchase. Financial highlights: Q1 2026 adjusted revenue — $507M (+3% YoY), adjusted EBITDA — $18M, down from $168M the previous year.