Kraken parent cleared for dirham crypto trading in Dubai — SkimNews
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- Payward, parent of crypto exchange Kraken, received a full virtual asset service provider (VASP) license from Dubai's VARA on Oct. 6 for its local entity Payward FZCO, enabling expanded digital asset services in the UAE.
- Kraken plans to offer UAE-based clients spot and margin trading in UAE dirham (AED)-denominated pairs along with direct AED deposit and withdrawal, with launch targeted for the coming weeks.
- Payward FZCO's license covers management and investment services as well as broker-dealer services, allowing the firm to serve retail, professional, and institutional investors.
- The full approval follows Payward's preliminary green light from VARA in May 2026, clearing the final regulatory hurdle for its UAE rollout.
- Dubai's VARA registry now lists 58 licensed providers, up from 49 active companies as of May 2026, reflecting the regulator's expanding roster of approved crypto firms.
- Other financial players are also deepening crypto access in the UAE: Standard Chartered launched spot Bitcoin and Ether trading for institutional clients through its DIFC branch in September, and Capital.com disclosed plans in August after affiliate Capital Vault secured a CMA virtual-asset license.
Why it matters: Payward's VASP license positions Kraken to become one of a growing group of regulated venues offering direct dirham on-ramps in the UAE, giving retail and institutional clients in Dubai a local fiat pair for spot and margin crypto trading rather than routing through foreign pairs. With VARA's licensed provider count climbing from 49 to 58 since May, the approval signals continued regulatory appetite to absorb new entrants into Dubai's crypto market.
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