Kraken Parent Payward Secures Final Dubai License, Deepening UAE Market Push
Summary
- Payward said it is accelerating its expansion into the UAE market after obtaining a VASP license from Dubai’s VARA.
- The license allows Payward to offer asset management and investment services as well as broker-dealer services, targeting retail, professional and institutional investors.
- In the UAE, firms beyond Kraken — including Standard Chartered and Capital.com — are also expanding spot crypto services tied to assets such as Bitcoin (BTC) and Ether (ETH).
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Payward, the parent company of cryptocurrency exchange Kraken, has received final operating approval from Dubai’s virtual-asset regulator, clearing the way for a broader push into the United Arab Emirates market.
Cointelegraph reported on October 12 that Payward obtained a virtual asset service provider, or VASP, license from the Dubai Virtual Assets Regulatory Authority for its local unit, Payward FZCO. VARA’s public register shows the license was issued on October 6 and permits asset management and investment services, as well as broker-dealer services.
Payward plans to launch services within weeks. At the outset, it will offer UAE dirham-denominated spot and margin trading pairs, along with direct deposit and withdrawal functions, for retail, professional and institutional investors.
The final approval follows preliminary approval in May. The number of companies registered with VARA has since risen to 58 from 49.
Kraken is not the only company expanding crypto services in the UAE. Standard Chartered began offering spot trading in Bitcoin and Ether to institutional clients through its Dubai International Financial Centre branch in September, while trading platform Capital.com said in August that it planned to roll out spot crypto services after its local unit obtained a license from the UAE’s Capital Markets Authority.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.