Kraken Parent Payward Wins Full Dubai Approval for Dirham Trading and RLUSD Custody

What’s happening
Payward, Kraken's parent company, received full market approval from Dubai's Virtual Assets Regulatory Authority (VARA) to expand digital asset services in the UAE, including dirham trading and custody for Ripple's RLUSD stablecoin. The firm also plans to enable institutional collateral arrangements via LMAX.
Market impact
Approval signals growing institutional adoption of crypto infrastructure in the Middle East and validates stablecoin utility for regional finance. Ripple's RLUSD gains a major custody partner, supporting its competitive positioning against USDC and USDT in emerging markets.
Broader implications
Dubai's regulatory clarity attracts crypto capital and positions the UAE as a hub for digital asset innovation, competing with Singapore and Hong Kong. Institutional-grade custody infrastructure accelerates crypto's transition from retail speculation to institutional settlement rails.
Sources (1)
The articles Pulse read to write this story
Kraken parent clears Dubai's final hurdle for dirham trading rolloutCointelegraphStrong bullish +53
Written by Pulse AI from the articles above. Always check the original reporting before acting on it.

