Kraken Parent Payward Obtains Full Operating License in Dubai
Payward Inc. (NASDAQ:KRAKEN), the parent company of cryptocurrency exchange Kraken, has secured final operating approval from the Dubai Virtual Assets Regulatory Authority for its local entity, Payward FZCO. The virtual asset service provider license, issued on October 6, allows the firm to offer asset management, investment, and broker-dealer services in the region. The full license follows preliminary approval granted in May.
Payward plans to launch its regional services within weeks. At rollout, the platform will offer direct UAE dirham deposits and withdrawals alongside spot and margin trading pairs for retail, professional, and institutional investors. The launch expands Kraken presence in the United Arab Emirates as local crypto market activity accelerates.
The decision comes amid growing competition among financial firms expanding digital asset offerings in the UAE. Standard Chartered launched spot Bitcoin and Ether trading for institutional clients in Dubai in September, while Capital.com received a local license in August to prepare spot crypto services. Total registrations with Dubai virtual asset regulator have grown from 49 to 58 companies.
Key points
- Payward FZCO received a full virtual asset service provider license from Dubai's regulator on October 6.
- The license permits Payward to provide broker-dealer, asset management, and investment services.
- Payward plans to launch UAE dirham spot and margin trading pairs within weeks.
- Services will include direct deposits and withdrawals for retail, professional, and institutional clients.
- Total registered companies with Dubai's virtual asset regulator have increased from 49 to 58.
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How we writeDisclaimerQuestions and answers
Did Kraken parent Payward get a crypto license in Dubai?
Yes, Payward local unit, Payward FZCO, received a full virtual asset service provider license from the Dubai Virtual Assets Regulatory Authority on October 6.
What trading features will Payward offer in the UAE?
Payward plans to offer UAE dirham spot and margin trading pairs, along with direct dirham deposits and withdrawals, for retail, professional, and institutional investors.
When will Payward launch its crypto services in Dubai?
Payward plans to roll out its UAE trading services within weeks following its final licensing approval.