Payward Secures Final Dubai Authorization to Launch Dirham-Based Crypto Trading
The parent company of Kraken, Payward, has obtained complete regulatory authorization from VARA in Dubai to broaden its cryptocurrency offerings throughout the United Arab Emirates, following initial clearance granted in May.
The Virtual Assets Regulatory Authority (VARA) has granted authorization to Payward, which operates the Kraken cryptocurrency exchange, for its regional subsidiary, Payward FZCO, to deliver digital asset services within the jurisdiction.
When operations commence, users of Kraken throughout the United Arab Emirates (UAE) will gain access to both spot and margin trading capabilities with trading pairs denominated in UAE dirham (AED), along with the ability to make direct deposits and withdrawals, according to Monday's announcement from Payward. The firm is working toward an official launch within the next several weeks.
According to VARA's publicly accessible register, the regulatory body granted Payward FZCO its virtual asset service provider (VASP) license on Oct. 6, authorizing the company to deliver management and investment services, in addition to broker-dealer services.
According to Payward, the regulatory authorization enables the company to cater to retail customers, professional traders and institutional investors alike. This development comes after receiving its preliminary approval in May 2026.
The VARA registry for Dubai presently features 58 licensed providers, representing an increase from the 49 active companies that were listed in May 2026.
Financial institutions including banks and brokers are simultaneously broadening their cryptocurrency service offerings under various other regulatory frameworks operating within the UAE.
Last month in September, Standard Chartered introduced spot Bitcoin and Ether trading capabilities designed for institutional clients operating in the UAE via its Dubai International Financial Centre branch, which operates under the oversight of the Dubai Financial Services Authority.
During August, the trading platform Capital.com announced its intentions to provide spot cryptocurrency services to its clientele in the UAE following the successful acquisition of a virtual-asset license by its affiliate, Capital Vault, from the nation's Capital Market Authority (CMA).