Payward, the parent company of crypto exchange Kraken, receives preliminary regulatory approval from Dubai’s Virtual Assets Regulatory Authority (VARA), according to reporting from both outlets. The approval is described as a pathway toward expanding Payward’s regulated crypto services in the United Arab Emirates, specifically in Dubai. The process is characterized as “preliminary,” indicating further steps may be required before any full launch or expanded operations occur.
CoinTelegraph reports that the approval would enable additional services in the UAE, including support for UAE dirham funding, margin trading, and over-the-counter (OTC) trading. It also points to institutional access through Kraken Prime, suggesting that institutional offerings could be part of any eventual local rollout. The Block similarly frames the development as a move that brings Kraken’s group closer to a regulated UAE presence. Both sources attribute the decision to VARA and present it as an incremental regulatory milestone rather than a final authorization for immediate market operations.
