Kraken Parent Payward Secures Final Dubai License, Accelerates UAE Expansion
Summary
- Kraken parent Payward said it is making a full-scale entry into the UAE market after securing a VASP license from Dubai's VARA.
- The license allows asset management and investment services as well as broker-dealer services, and the company said it plans to launch AED-denominated spot and margin trading within weeks.
- The services will target retail, professional and institutional investors, while the UAE continues to see broader crypto expansion by global financial firms including Standard Chartered and Capital.com.
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Kraken parent Payward is accelerating its push into the United Arab Emirates after securing final operating approval from Dubai's virtual-asset regulator.
Cointelegraph reported on October 12 that Payward obtained a virtual asset service provider, or VASP, license from the Virtual Assets Regulatory Authority for its local unit, Payward FZCO. According to VARA's public registry, the license was issued on October 6 and permits asset management and investment services, as well as broker-dealer services.
Payward plans to launch the services within weeks. Initially, it will offer UAE dirham-denominated spot and margin trading pairs, along with direct deposit and withdrawal functions. The services will be available to retail, professional and institutional investors.
The final approval follows preliminary clearance in May. The number of companies registered with VARA has increased to 58 from 49 in the same month.
Kraken is not alone in expanding in the UAE. Standard Chartered began spot trading in Bitcoin and Ether for institutional clients in September through its Dubai International Financial Centre branch. Trading platform Capital.com also said in August that it planned to launch spot crypto services after its local unit secured a license from the UAE Capital Market Authority.
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