Kraken parent clears Dubai’s final hurdle for dirham trading rollout

Payward received full market approval from Dubai’s VARA to expand its digital asset services in the UAE, building on the preliminary approval received in May.

Payward, the parent company of cryptocurrency exchange Kraken, has received approval from the Virtual Assets Regulatory Authority (VARA) for its local entity, Payward FZCO, to provide crypto services.

At launch, Kraken’s clients in the United Arab Emirates (UAE) will be able to access spot and margin trading in UAE dirham (AED)-denominated pairs and make direct deposit withdrawals, Payward announced on Monday. The company is targeting launch in the coming weeks.

VARA’s public register shows that the regulator issued Payward FZCO a virtual asset service provider (VASP) license on Oct. 6, enabling it to offer management and investment services, as well as broker-dealer services.

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