Kraken parent Payward wins full Dubai VARA license ahead of dirham trading launch
In brief
- Dubai's VARA issued Payward FZCO a VASP license on Oct. 6, per its public register.
- Kraken's UAE clients get spot and margin trading in AED pairs at launch, Payward said.
- Launch is targeted for the coming weeks, Payward said.
- Full approval follows the preliminary approval Payward received in May 2026.
- VARA's registry now lists 58 licensed providers, up from 49 in May.
What the license covers
VARA's public register shows the regulator issued Payward FZCO a virtual asset service provider (VASP) license on Oct. 6, according to Cointelegraph. That license lets the entity offer management and investment services, as well as broker-dealer services.
It's the second step, not the first.
Payward received preliminary approval in May 2026, and the full approval follows it. The company said the license allows it to serve retail, professional and institutional investors. At launch, according to Payward's announcement, Kraken's clients in the UAE will be able to access spot and margin trading in AED-denominated pairs and make direct deposits and withdrawals. (Payward hasn't given a specific date. It said only that it's targeting launch in the coming weeks.)
A crowded register
Kraken isn't arriving alone. Cointelegraph's reading of Dubai's VARA registry shows 58 licensed providers, up from 49 active companies in May 2026. That's nine additions since May.
Banks and brokers are also expanding their crypto offerings under the UAE's other regulatory regimes, and they aren't going through VARA to do it. 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. A month earlier, in August, trading platform Capital.com revealed plans to offer spot crypto services in the UAE after its affiliate Capital Vault secured a virtual-asset license from the country's Capital Market Authority (CMA).
What comes next
The open item is timing. Payward's announcement, as reported by Cointelegraph, doesn't name a specific launch date for the AED pairs, so the "coming weeks" target is what the company has put forward so far. Once trading goes live, Kraken's UAE clients will get local-currency spot and margin markets under a full VARA license, and they'll be competing for flows in a market where bank-run desks are also active.
Frequently asked questions
What does Kraken's Dubai VARA license allow it to do?
VARA's public register shows Payward FZCO was issued a VASP license on Oct. 6 covering management and investment services and broker-dealer services. Payward said the approval allows it to serve retail, professional and institutional investors in the UAE.
When will Kraken launch dirham trading in the UAE?
Payward said it is targeting launch in the coming weeks and did not give a specific date. At launch, Kraken's UAE clients will be able to access spot and margin trading in AED-denominated pairs and make direct deposits and withdrawals, the company said.
