Kraken’s Parent Removes Dubai’s Last Hurdle to Dirham Offering

Payward Receives Full Market Approval from Dubai’s VARA to Expand Digital Asset Services in UAE, Following Preliminary Approval in May

Payward has received full market approval from VARA Dubai to expand its digital asset services in the UAE, based on initial approval received in May.

Payward, the parent company of Kraken exchange, has received Virtual Asset Regulatory Authority (VARA) approval for its local entity, Payward FZCO, to provide crypto services.

At launch, Kraken customers in the United Arab Emirates (UAE) will be able to access spot and margin trading in UAE dirham (AED) pairs and make direct deposit withdrawals, Payward announced on Monday. The company plans to launch in the coming weeks.

Payward regulator FZCO issued a virtual asset service provider (VASP) license on Oct. 6, allowing it to offer management and investment services as well as broker-dealer services, VARA's public registry shows.

Payward said the approval allows it to serve retail, professional and institutional investors. It is seeking its initial approval in May 2026.

Dubai's VARA registry currently lists 58 licensed providers, out of 49 companies active in May 2026.

Banks and brokers are also expanding their crypto offerings under other UAE regulatory regimes.

In September, Standard Chartered launched Bitcoin and Ether trading for institutional clients in the UAE through its Dubai International Financial Center branch, which is regulated by the Dubai Financial Services Authority.

In August, the trading platform revealed plans to do so after its affiliate Capital Vault received a virtual asset license from the country's Capital Markets Authority (CMA) to offer spot crypto services to its clients in the UAE.