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.