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Payward, the parent company of crypto exchange Kraken, has secured preliminary approval from Dubai's Virtual Assets Regulatory Authority (VARA), marking a significant step in the exchange's push into the Middle East. VARA, established under Dubai Law No. 4 of 2022, is one of the most structured crypto licensing frameworks in the world, and a preliminary green light from the regulator is a meaningful threshold on the path to full operational status.
For Kraken, Dubai represents a strategically important hub — the emirate has aggressively positioned itself as a global crypto capital, attracting institutional and retail crypto businesses alike. A VARA-licensed presence would give Payward regulated access to a fast-growing regional market and a credible foothold for broader MENA expansion.
The preliminary approval does not yet confer full trading or custody permissions, but it signals…
Frequently asked questions
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What are the next steps for Payward after receiving preliminary VARA approval?
Payward will need to complete additional requirements set by VARA to obtain full operational status, which includes securing trading and custody permissions.
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How does VARA's approval impact Kraken's operations in the Middle East?
The approval allows Kraken to establish a regulated presence in Dubai, facilitating access to a rapidly growing market and supporting potential expansion across the MENA region.
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