Kraken Says It Has Full Market Approval From Dubai's Crypto Regulator

Payward, the parent company of the Kraken exchange, said in a release dated Oct. 12 that it had received "Full Market Approval from the Virtual Asset Regulatory Authority (VARA) in Dubai." Kraken repeated the news on its official X account at 4:38 a.m. ET on Oct. 13: "@Payward, Kraken’s parent company, has received Full Market Approval from @VARADubai." The post added: "In the coming weeks, you’ll be able to fund in dirhams, trade AED pairs, and stake on-chain with Kraken."

VARA is Dubai's crypto regulator. It had published no statement of its own on Kraken when we checked. Its public register, the official list of firms it licenses, does carry an entry.

How a VARA licence works

VARA licenses firms activity by activity. A licence names the specific services a firm may offer, and the register shows them next to its name.

VARA's application page describes two stages. First comes an Approval to Incorporate, to set up the company and "complete operational set-up." Then comes the licence itself: "Receive a VASP Licence, which may be subject to operational conditions." VASP stands for virtual asset service provider.

Payward calls Full Market Approval "the final stage of VARA's licensing process." Payward says it got a preliminary approval from VARA in May 2026 that "permitted the entity to complete operational set-up ahead of client onboarding." VARA's page does not use the phrase "Full Market Approval."

What the register shows

At 9:25 a.m. ET on Oct. 13, VARA's register entry for Payward FZCO, at DMCC Business Centre in Dubai, showed a VASP licence, number VL/26/10/002, issued Oct. 6, 2026, status "Active." It lists two activities, "Management and Investment Services" and "Broker-Dealer Services," and one condition: "Permitted to serve Institutional Investors, Qualified Investors and Retail Investors."

The licence was issued six days before Payward announced it on Oct. 12 (Fig. 1).

VARA's regulations define both activities. Broker-dealer services include "arranging orders for the purchase and sale of Virtual Assets," accepting orders along with "fiat currency," matching buyers and sellers, dealing for the firm's own account and making a market. Management and investment services means taking "responsibility for the management, administration or disposition" of a client's virtual assets.

Payward says the approval "authorises Payward to commence regulated activity in Dubai." The register shows the licence is active. Neither shows Kraken serving UAE customers yet; the X post puts the three features it names "in the coming weeks."

The objection: this is a licence press note

The fair objection is that exchanges announce licences all the time. What answers it is the scope on the register.

Staking is the clearest case. VARA's definition of management and investment services lists, as an example, "taking responsibility for the staking of Virtual Assets for the purposes of earning fees or other amounts paid to validators and/or node operators." On VARA's definitions, the staking Kraken promises fits an activity Payward FZCO holds. The broker-dealer definition covers accepting fiat currency for orders. VARA also defines Exchange Services, which includes trading between virtual assets and fiat currency; that activity is not on Payward FZCO's entry, and Le Coin could not confirm from VARA which activity covers AED trading pairs.

The register lists no exchange or custody activity. Payward says crypto derivatives and "an expanded range of new yield opportunities" will come later, "subject to regulatory approval."

Le Coin's view: the register entry makes this more than a press note, because the regulator has recorded an active licence with named activities and a named client base, retail included. It also sets the limits. Staking maps to one of those activities; how AED trading pairs are covered is for VARA to say. Anything beyond them needs the register to change.

The tell

The tell is whether the register changes. If Kraken adds derivatives or other yield products in Dubai, its entry should list new activities before they launch. The second tell is timing: the licence dates from Oct. 6, and the features are promised for the coming weeks.

Kraken has an active Dubai licence on VARA's register for two named activities, one of which covers staking. Its UAE features are announced, not live.

Sources

1. Payward, "Kraken Plans UAE Launch, Following Full Market Approval from VARA in Dubai," dated Oct. 12, 2026. https://www.payward.com/press-release/kraken-plans-uae-launch (accessed Oct. 13, 2026, 9:23 a.m. ET)
2. VARA, Public Register, entry page for Payward FZCO. https://www.vara.ae/en/licenses-and-register/public-register/payward-fzco/ (accessed Oct. 13, 2026, 9:25 a.m. ET)
3. Kraken (@krakenfx), official X post, Oct. 13, 2026, 4:38 a.m. ET. https://x.com/krakenfx/status/2109926845953003561 (accessed Oct. 13, 2026, 9:22 a.m. ET)
4. VARA, Virtual Assets and Related Activities Regulations 2023, Schedule 1, VA Activities. https://rulebooks.vara.ae/rulebook/schedule-1-va-activities (accessed Oct. 13, 2026, 9:23 a.m. ET)
5. VARA, Licence Applications. https://www.vara.ae/en/licenses-and-register/licence-applications/ (accessed Oct. 13, 2026, 9:24 a.m. ET)

Holding the Corner.

Not financial advice.