Kraken plans to add direct dirham deposits and withdrawals and AED-denominated trading for UAE customers after its Dubai entity secured final approval. Payward’s 12 October announcement targeted launch in the coming weeks, so it describes the intended rollout rather than a confirmed opening date.[1][2]
The regulator’s public register supplies the precise licensing milestone. Payward FZCO received VASP licence VL/26/10/002 on 6 October, and its status is active. Its listed activities are Broker-Dealer Services and Management and Investment Services, with permission to serve retail, qualified and institutional investors.[2]
Direct AED funding could let dirham holders fund and withdraw without first arranging another currency. Bank-transfer charges and any remaining conversion will therefore form part of the local account’s cost comparison.[1]
Payward’s first-stage product list includes spot and margin trading, staking, xStocks and Krak transfers, with OTC spot trading and Kraken Prime for institutions. It places crypto derivatives and additional yield products later in 2026 and into 2027, subject to regulatory approval. Management says the UAE offering will connect to Kraken’s shared order book.[1]
Margin access has its own regulatory conditions
VARA’s current broker-dealer rulebook requires express authorisation for margin trading. The public Payward entry lists broad licensed activities without separately detailing margin terms. The company’s planned inclusion of margin should therefore be read alongside the final client classification, product permissions and account agreement, rather than as a universal leverage entitlement.[2][3]
The rules also constrain the collateral accepted in a margin account. The ordinary categories are the financed virtual asset, fiat currency, and a VARA-approved virtual asset referencing USD or AED; additional virtual assets are allowed in specified circumstances. A customer’s global portfolio consequently cannot be assumed to supply interchangeable collateral under the local account.[4]
The licence is issued to the Dubai entity under VARA’s regime, which covers Dubai’s mainland and free zones except the DIFC. It gives the proposed UAE distribution a defined local operator. Operational delivery now turns on connecting that licensed business, its funding arrangements and eligible customers to the announced services.[2]
Sources & further reading
- Kraken Plans UAE Launch, Following Full Market Approval from VARA in Dubai Payward · 12 Oct 2026 · Accessed 20 Oct 2026
- Payward FZCO Virtual Assets Regulatory Authority · Accessed 20 Oct 2026
- A. Compliance with Margin Trading Rules Virtual Assets Regulatory Authority · Accessed 20 Oct 2026
- D. Prudential Requirements, Initial Margin and Maintenance Margin Virtual Assets Regulatory Authority · Accessed 20 Oct 2026