Kraken owner wins VARA approval to launch dirham trading in UAE

what happened

Cointelegraph reports that Payward, the parent of cryptocurrency exchange Kraken, has secured authorization from the Virtual Assets Regulatory Authority (VARA) for its UAE subsidiary, Payward FZCO, to offer crypto-related services. Once the service goes live, Kraken customers in the United Arab Emirates will have access to spot and margin pairs priced in UAE dirhams (AED), along with direct account deposits and withdrawals. Payward said on Monday that it expects the rollout within the coming weeks.

VARA’s public database indicates that Payward FZCO received a virtual asset service provider (VASP) license on Oct. 6. The permit covers management and investment activities, as well as broker-dealer operations. Payward said the authorization enables the company to work with retail, professional and institutional investors. The decision comes after the firm obtained preliminary approval in May 2026.

The Dubai regulator’s register now contains 58 licensed providers, compared with 49 active companies in May 2026. Other banks and brokers are building crypto businesses under separate UAE regulatory frameworks. In September, Standard Chartered began offering institutional customers in the UAE spot transactions in Bitcoin and Ether through its branch at the Dubai International Financial Centre, under the oversight of the Dubai Financial Services Authority. In August, trading platform Capital.com said it intended to provide spot crypto services in the UAE after its affiliate, Capital Vault, obtained a virtual-asset license from the country’s Capital Market Authority (CMA).

why it matters

The approval adds another regulated route for dirham-based crypto trading and underscores the UAE’s expanding roster of licensed digital-asset providers.

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