Kraken Parent Clears Final Dubai Hurdle for Dirham Trading Rollout

Payward, the parent company of crypto exchange Kraken, has received full market approval from Dubai’s Virtual Assets Regulatory Authority to expand its digital asset services in the United Arab Emirates.

At launch, Kraken clients in the UAE will access spot and margin trading in UAE dirham denominated pairs, along with direct deposit and withdrawals. The company is targeting a rollout in the coming weeks.

VASP License Issued October 6

VARA’s public register shows the regulator issued Payward FZCO a virtual asset service provider license on October 6, covering management and investment services as well as broker dealer activities.

The approval allows Kraken to serve retail, professional and institutional investors, building on the preliminary approval it received in May.

Dubai Registry Grows to 58 Licensed Providers

Dubai’s VARA registry now lists 58 licensed providers, up from 49 active companies in May.

Banks and brokers are also expanding crypto offerings under the UAE’s other regulatory regimes. 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 revealed plans to offer spot crypto services after its affiliate Capital Vault secured a license from the country’s Capital Market Authority.