Kraken’s Parent Company Gains Approval for Crypto Services in UAE
- Payward FZCO, a subsidiary of Kraken, received a virtual asset service provider (VASP) license from the Virtual Assets Regulatory Authority (VARA) on October 6.
- The approval allows Payward to offer spot and margin trading in UAE dirham (AED)-denominated pairs.
- Kraken aims to launch its services in the UAE within the coming weeks, targeting retail, professional, and institutional investors.
- Dubai’s VARA registry now lists a total of 58 licensed providers, up from just 49 in May.
- Standard Chartered began offering spot Bitcoin and Ether trading for institutional clients in September through its Dubai International Financial Centre branch.
This regulatory approval marks a significant step for Payward as it expands its crypto offerings in the UAE market, reflecting the growing interest and regulatory support for digital assets in the region.
With this new VASP license, Payward can now cater to a wider range of investors while contributing to an expanding ecosystem that includes major players like Standard Chartered.(Source)
