Payward, Kraken's parent company, has secured full market approval from Dubai's Virtual Assets Regulatory Authority (VARA), receiving a virtual asset service provider license on Oct. 6.
The approval grants Payward FZCO—the entity operating in the Dubai International Financial Centre—permission to offer spot and margin trading in UAE dirham-denominated pairs, along with management, investment and broker-dealer services. Direct deposit and withdrawal capabilities will launch in the coming weeks, opening access to retail, professional and institutional clients across the UAE.
This advancement follows preliminary approval Payward received in May. The VARA public register now lists 58 licensed providers, up from 49 in May.
The UAE is consolidating its position as a crypto hub. In September, Standard Chartered launched institutional spot Bitcoin and Ether trading through its Dubai International Financial Centre branch under Dubai Financial Services Authority oversight. In August, Capital Vault—an affiliate of Capital.com—secured a license from the Capital Market Authority to offer spot crypto services to UAE clients.
Nasdaq previously invested $100 million in Payward at a $21 billion valuation.
