Rinse the rice under cold water until mostly clear, then drain well.
Warm butter and olive oil in a large skillet over medium heat.
Sauté the chopped onion until softened and translucent, about 3 to 4 minutes.
Stir in the drained rice and toast, stirring often, until lightly golden, 2 to 3 minutes.
Add minced garlic and cook until fragrant, about 30 seconds.
Season with paprika, turmeric, garlic powder, onion powder, salt, pepper, and cayenne; stir to coat the grains.
Pour in chicken broth and soy sauce; bring the mixture to a gentle boil.
Reduce heat to low, cover, and simmer until rice is tender and liquid absorbs, 15 to 18 minutes.
Remove from heat and rest covered for 5 minutes, then fluff with a fork.
Fold in chopped parsley and adjust salt or pepper to taste. Serve warm.