Payward, the parent company of Kraken, has secured Virtual Asset Service Provider registrations from the British Virgin Islands Financial Services Commission. The approval allows Payward to provide regulated virtual asset services under the British Virgin Islands' Virtual Assets Service Providers Act, which governs activities including crypto exchange services, custody, transfers, and other digital asset operations. The registration represents the latest step in a strategy that has transformed Kraken from a cryptocurrency exchange into a global financial infrastructure group operating across Europe, North America, the Middle East, Bermuda, and now the British Virgin Islands.
Lucien Charland, Head of Geo Expansion at Payward, commented, "We are pleased to receive these approvals from the BVI FSC and look forward to continuing to work with the Commission as we build out our licensing portfolio in the jurisdiction. The BVI is an important part of our global regulatory strategy, and these registrations strengthen our ability to serve clients with the certainty and consistency they require."
Payward Assembles 100+ Licenses Across Global Jurisdictions
Payward says it now holds more than 100 licenses and registrations globally, spanning Europe, North America, the Middle East, Asia-Pacific, and offshore financial centers. The company's publicly documented approvals include:
| Jurisdiction | Regulator | Key Authorization | Strategic Purpose |
|---|---|---|---|
| European Union | Central Bank of Ireland | MiCA Crypto Asset Service Provider | Passporting across the EEA |
| Ireland | Central Bank of Ireland | Electronic Money Institution | Payments and fiat infrastructure |
| United Kingdom | Financial Conduct Authority | Cryptoasset Registration | UK crypto operations |
| Dubai | VARA | Virtual asset authorization | Regional MENA expansion |
| Abu Dhabi | ADGM FSRA | Virtual asset exchange licence | MENA trading and custody services |
| Bermuda | Bermuda authorities | Digital asset operations | International and derivatives activity |
| Canada | Canadian securities regulators | Restricted dealer registration | Regulated Canadian market access |
| British Virgin Islands | BVI FSC | VASP Registration | Fund and offshore structure ecosystem |
The MiCA license granted by the Central Bank of Ireland in 2025 allows Kraken to provide regulated crypto services throughout the European Economic Area under a single framework, giving access to roughly 450 million consumers across 30 countries. Payward Ireland maintains an Electronic Money Institution license, giving the group regulated payments capabilities and access to fiat infrastructure alongside its crypto operations.
Kraken became the first major global crypto exchange to receive a full virtual asset licence from Abu Dhabi Global Market, enabling regulated trading and custody services across the Middle East and North Africa region. Payward secured authorization from Dubai's Virtual Asset Regulatory Authority.
BVI Registration Targets Fund and Offshore Structure Ecosystem
The British Virgin Islands serves as a domicile for investment funds, holding companies, special purpose vehicles, trusts, and international corporate structures used by institutions worldwide. Many crypto funds, venture structures, token issuers, treasury vehicles, and investment entities operate through BVI companies.
The BVI framework permits regulated activities including exchange services between virtual assets and fiat currencies, virtual asset custody, transfers, and participation in virtual asset offerings.
| License | Main Client Type | Primary Value |
|---|---|---|
| MiCA | Retail and institutions | EU-wide passporting |
| FCA Registration | UK clients | UK regulatory access |
| VARA | Middle East investors | Dubai market access |
| ADGM | Regional institutions | MENA trading and custody |
| Bermuda | International and derivatives clients | Offshore digital asset operations |
| BVI VASP | Funds and offshore structures | Access to fund ecosystem |
Payward Expands Beyond Exchange Into Multi-Business Infrastructure
The group now includes Kraken, NinjaTrader, CF Benchmarks, and xStocks, while also expanding into payments, institutional services, tokenization infrastructure, and derivatives. Payward's recent strategic moves included the planned acquisition of Bitnomial's derivatives infrastructure and the announced acquisition of stablecoin payments company Reap Technologies.
FAQ
What regulatory approval did Payward receive from the British Virgin Islands?
Payward secured Virtual Asset Service Provider registrations from the British Virgin Islands Financial Services Commission. The approval allows Payward to provide regulated virtual asset services under the British Virgin Islands' Virtual Assets Service Providers Act, which governs activities including crypto exchange services, custody, transfers, and other digital asset operations.
How many licenses does Payward hold globally?
Payward says it now holds more than 100 licenses and registrations globally, spanning Europe, North America, the Middle East, Asia-Pacific, and offshore financial centers. The company's publicly documented approvals include MiCA authorization from the Central Bank of Ireland, virtual asset licenses from Dubai's VARA and Abu Dhabi's ADGM FSRA, FCA registration in the United Kingdom, and registrations in Canada, Bermuda, and the British Virgin Islands.
What businesses does Payward operate beyond Kraken?
The group now includes Kraken, NinjaTrader, CF Benchmarks, and xStocks, while also expanding into payments, institutional services, tokenization infrastructure, and derivatives. Payward's recent strategic moves included the planned acquisition of Bitnomial's derivatives infrastructure and the announced acquisition of stablecoin payments company Reap Technologies.
