Kraken Parent Wins Full VARA Nod for Dirham Crypto Trading — SkimNews
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- Payward, parent of Kraken, received full market approval from Dubai's VARA for its local entity Payward FZCO to provide crypto services, following preliminary approval in May 2026.
- Payward FZCO was issued a virtual asset service provider (VASP) license on Oct. 6, authorizing management, investment, and broker-dealer services for retail, professional, and institutional clients.
- Kraken's UAE launch will offer spot and margin trading in AED-denominated pairs with direct deposit and withdrawal, with the company targeting a rollout in the coming weeks.
- Dubai's VARA registry grew to 58 licensed providers from 49 in May 2026, underscoring rapid expansion of the emirate's digital asset regulatory footprint.
- Standard Chartered launched spot Bitcoin and Ether trading for institutional UAE clients in September through its Dubai International Financial Centre branch, regulated by the DFSA.
- Capital.com revealed plans to offer spot crypto in the UAE after its affiliate Capital Vault secured a virtual-asset license from the country's Capital Market Authority in August.
Why it matters: AED-denominated pairs let UAE traders move dirhams directly on and off Kraken without USD or USDT conversion, a notable edge for retail and institutional users. VARA's roster has expanded to 58 providers (up 9 since May), and parallel moves by Standard Chartered and Capital.com show the DFSA and CMA regimes are funneling banks and brokers into the same market, positioning Dubai as the Gulf's most active crypto hub.
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