Kraken Parent Payward Wins Full Dubai Crypto License from VARA

Payward, the parent company of cryptocurrency exchange Kraken, announced that its subsidiary Payward FZCO has received Full Market Approval from Dubai's Virtual Assets Regulatory Authority (VARA). The regulatory clearance represents the final tier of VARA's licensing framework, permitting Payward to operate as a fully regulated Virtual Asset Service Provider in Dubai.

According to the company, the license covers broker-dealer services as well as management and investment activities, allowing onboarding across retail, qualified professional, and institutional investor segments. The authorization follows preliminary approval previously granted by VARA in May 2026, which allowed Payward to complete its local operational setup.

Kraken plans to launch operations for UAE clients in the coming weeks. At rollout, clients will be able to access spot and margin trading with pairs denominated in UAE dirhams (AED), alongside direct dirham deposits and withdrawals. The planned initial offering also encompasses on-chain staking, tokenized equities via xStocks, and crypto transfers via the Krak application, while institutional clients will have access to over-the-counter spot trading and Kraken Prime.

Payward stated that additional products, including cryptocurrency derivatives and expanded yield opportunities, are targeted for release later in 2026 and into 2027, subject to further regulatory approvals. The firm also plans to offer embedded trading infrastructure to regional institutional partners.