Payward receives preliminary Dubai approval for Kraken’s expansion

Payward announced preliminary VARA approval on 21 May for a broker-dealer, investment and management licence in Dubai. Kraken described plans to connect UAE customers with its global order books and provide local dirham deposits and withdrawals through a Payward subsidiary.

The release’s body calls the approval preliminary and says product introduction remains subject to regulatory approval. That qualification is more useful than treating the headline as a completed, unrestricted launch. Spot trading and staking are among the planned offerings; derivatives and lending are described as later expansion areas for qualified clients. Service scope differs for retail and professional customers. The announcement therefore records regulatory progress and a distribution plan, with conditions still relevant.