Payward clears VARA approval
Payward, the parent company behind crypto exchange Kraken, has cleared the final regulatory step in Dubai for its local unit. The Virtual Assets Regulatory Authority, or VARA, has approved Payward FZCO to provide crypto services. The company says the approval allows it to serve retail, professional and institutional investors in the United Arab Emirates. The move follows a preliminary approval in May 2026. VARA’s public register shows Payward FZCO received a virtual asset service provider license on Oct. 6. That license covers management and investment services, plus broker-dealer services.
Dirham pairs and launch timeline
At launch, Kraken clients in the UAE will get access to spot and margin trading in UAE dirham denominated pairs. They will also be able to make direct deposits and withdrawals in AED. Payward announced the plan on Monday and said it is targeting launch in the coming weeks. The exact date is not yet public. For traders who want to move between local currency and crypto without extra conversion steps, that could matter. It may also help Kraken compete with other platforms that already operate under UAE rules. I think the timing is notable, since the local market is getting more crowded.
Dubai’s licensed provider list grows
Dubai’s VARA registry currently lists 58 licensed providers. That is up from 49 active companies in May 2026. The increase suggests more firms are moving through the approval process, though not all licenses mean the same services are live. Banks and brokers are also expanding crypto offerings under other UAE regulatory regimes. In September, Standard Chartered launched spot Bitcoin and Ether trading for institutional clients in the UAE through its Dubai International Financial Centre branch, which is regulated by the Dubai Financial Services Authority.
More competition across UAE crypto
In August, trading platform Capital.com revealed plans to offer spot crypto services in the UAE. Its affiliate, Capital Vault, secured a virtual-asset license from the country’s Capital Market Authority. Together, these moves show that the UAE is not relying on one regulator or one type of firm. Payward’s approval gives Kraken a clearer path to dirham trading, but execution will matter. The launch window is still described as coming weeks, so clients should wait for an official start date before assuming services are live.
