Kraken parent Payward secures full Dubai license for UAE launch

Payward, the parent company of cryptocurrency exchange Kraken, has received full market approval from Dubai's Virtual Asset Regulatory Authority, Bitcoin Magazine Markets reported. The license enables Payward to operate as a regulated virtual asset service provider serving retail, professional, and institutional investors in the United Arab Emirates. [1]

The full license follows a preliminary approval granted in May that allowed Payward to prepare its operational set-up prior to onboarding clients, according to Bitcoin Magazine Markets. Blockhead and Bitbo reported that the platform targets a UAE launch featuring local currency dirham trading within weeks. Cryptonews.net noted that this clearance represents the final regulatory hurdle for the firm's planned dirham trading rollout. [1][5][6][7]

Payward is headquartered in Wyoming and currently holds more than 100 licenses and registrations worldwide, as FTMQ Crypto reported earlier and Bitcoin Magazine Markets confirmed. As FTMQ Crypto reported earlier, American banking giant Wells Fargo held discussions with Payward to act as a cryptocurrency trading liquidity provider. [1][10]

The United Arab Emirates is a country in West Asia consisting of seven emirates, with Dubai serving as its largest city. Following the full regulatory approval, Payward plans to officially launch its Kraken platform services to clients across the region. [1][8]