Kraken Parent Payward Gets Final VARA Approval to Launch in Dubai

Payward secures full VARA license to serve UAE customers

Payward, the parent company of cryptocurrency exchange Kraken, has received full market approval from Dubai's Virtual Assets Regulatory Authority (VARA). The approval covers its local entity, Payward FZCO, and was formally issued on October 6 according to VARA's public register.

At launch, Kraken's clients in the United Arab Emirates will be able to trade spot and margin pairs denominated in UAE dirhams (AED) and make direct deposit withdrawals. The company is targeting a launch in the coming weeks.

Key details of the approval

• Payward FZCO received a virtual asset service provider (VASP) license, which is a regulatory permit that allows a company to manage, trade, and broker digital assets legally.
• The license enables management and investment services as well as broker-dealer services.
• Payward said the approval allows it to serve retail (individual), professional, and institutional investors.
• The full approval follows a preliminary approval that Payward received in May 2026.

What VARA's public register shows

VARA's public register confirms the VASP license for Payward FZCO was issued on October 6. The registry currently lists 58 licensed providers, up from 49 active companies in May 2026. This growth indicates that more crypto firms are pursuing formal regulatory approval in Dubai.

Broader context in the UAE

Kraken's approval is part of a wider trend of financial institutions expanding crypto services in the UAE under various regulatory regimes. In September, Standard Chartered launched spot Bitcoin and Ether trading for institutional clients through its Dubai International Financial Centre branch, regulated by the Dubai Financial Services Authority. In August, Capital.com announced plans to offer spot crypto services to UAE clients after its affiliate, Capital Vault, secured a virtual asset license from the UAE's Capital Market Authority.

Why this matters

A full VARA license means Kraken can legally operate in Dubai with regulatory oversight, which may give some UAE-based traders confidence that the platform is operating within local rules. Trading pairs priced in dirhams also mean customers can buy and sell crypto directly in their local currency without converting to dollars first.

Separately, Cointelegraph reported that Nasdaq invested $100 million in Payward at a $21 billion valuation, though the details of that deal fall outside the scope of this approval story.

What happens next

Payward has not given a specific launch date but said the UAE rollout is planned for the coming weeks. Until the platform is live, there is no confirmed timeline for when UAE customers will be able to access the new dirham trading services.

Source

• Cointelegraph – Kraken parent clears Dubai's final hurdle for dirham trading rollout

Read also: Payward Wins Full Dubai License, Sets Stage for Kraken UAE Launch