Payward, the parent company of cryptocurrency exchange Kraken, has received approval from the Virtual Assets Regulatory Authority (VARA) for its local entity, Payward FZCO, to provide crypto services.
At launch, Kraken’s clients in the United Arab Emirates (UAE) will be able to access spot and margin trading in UAE dirham (AED)-denominated pairs and make direct deposit withdrawals, Payward announced on Monday. The company is targeting launch in the coming weeks.
VARA’s public register shows that the regulator issued Payward FZCO a virtual asset service provider (VASP) license on Oct. 6, enabling it to offer management and investment services, as well as broker-dealer services.
Payward said the approval allows it to serve retail, professional and institutional investors. It follows its preliminary approval in May 2026.
Dubai’s VARA registry currently lists 58 licensed providers, up from 49 active companies in May 2026.
Banks and brokers are also expanding their crypto offerings under the UAE’s other regulatory regimes.
In September, Standard Chartered launched spot Bitcoin and Ether trading for institutional clients in the UAE through its Dubai International Financial Centre branch, which is regulated by the Dubai Financial Services Authority.
In August, trading platform Capital.com revealed plans to offer spot crypto services to clients in the UAE after its affiliate, Capital Vault, secured a virtual-asset license from the country’s Capital Market Authority (CMA).
Related: Nasdaq invests $100M in Kraken parent at $21B valuation: Report
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