Payward, the parent company of the cryptocurrency exchange Kraken, has received full approval from the Virtual Assets Regulatory Authority (VARA) to expand its digital asset services in the United Arab Emirates. This approval follows the preliminary permission obtained in May. According to Payward's announcement, Kraken clients in the UAE will be able to access spot and margin trading with pairs denominated in UAE dirhams (AED), as well as make direct deposits and withdrawals. The launch of the new services is planned for the coming weeks.
The VARA public register indicates that the regulator issued Payward FZCO a Virtual Asset Service Provider (VASP) license on October 6, allowing the company to offer management, investment, and brokerage services. The approval enables Payward to serve retail and professional investors, as well as institutional clients. The VARA register in Dubai now lists 58 licensed providers compared to 49 active companies in May 2026.
Banks and brokers are also expanding their cryptocurrency offerings under other UAE regulatory regimes. In September, Standard Chartered launched spot trading of Bitcoin and Ether for institutional clients in the UAE through its branch in the Dubai International Financial Centre (DIFC), regulated by the Dubai Financial Services Authority. In August, trading platform Capital com announced plans to offer spot crypto services for clients in the UAE after its affiliate Capital Vault received a virtual assets license from the country's Securities and Commodities Authority.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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