Payward, the parent company of cryptocurrency exchange Kraken, has received approval from the Virtual Assets Regulatory Authority (VARA) to operate its local entity, Payward FZCO, as a virtual asset service provider in the United Arab Emirates.
The VARA issued Payward FZCO a VASP license on October 6, enabling the company to offer management and investment services as well as broker-dealer services. The approval permits Kraken to serve retail, professional, and institutional investors in the UAE.
Upon launch in the coming weeks, Kraken's UAE clients will have access to spot and margin trading in UAE dirham (AED)-denominated cryptocurrency pairs and the ability to make direct deposits and withdrawals.
The regulatory clearance follows preliminary approval Payward received in May 2026. Dubai's VARA registry currently lists 58 licensed virtual asset providers, an increase from 49 active companies in May 2026.
The approval reflects broader expansion of cryptocurrency services across the UAE. In September, Standard Chartered launched spot Bitcoin and Ether trading for institutional clients through its Dubai International Financial Centre branch. In August, trading platform Capital.com announced plans to offer spot cryptocurrency services in the UAE after its affiliate, Capital Vault, secured a virtual-asset license from the country's Capital Market Authority.
