Dubai crypto market hits 50 licensed firms after VARA approval
Dubai's crypto market hits a new regulatory milestone as the Virtual Assets Regulatory Authority (VARA) has licensed its 50th virtual asset service provider. The latest approval went to Tribe Tokenisation FZE, a tokenized assets platform, extending a licensing push that has made the emirate one of the world's most active jurisdictions for regulated crypto business.
VARA confirmed the milestone on Monday, framing it as evidence that Dubai's standalone crypto framework is drawing firms even as regulators worldwide tighten oversight. For founders and investors tracking Fintech & Crypto Alerts, the headline number offers a benchmark—but regulators caution it does not tell the whole story.
Key Takeaways
- VARA granted its 50th VASP license to Tribe Tokenisation FZE, a tokenized assets platform.
- Only 39 of the licensed firms were classified as fully operational at the end of 2025.
- Dubai's licensed total exceeds headline VASP counts reported for Hong Kong and Singapore.
- VARA says growth reflects its activity-based framework and Dubai's wider financial ecosystem.
- License totals alone do not reflect transaction volumes, assets under management, or revenue.
What triggered Dubai's 50th VARA crypto license?
On Monday, VARA said its newest approval went to Tribe Tokenisation FZE, pushing the emirate past the 50-license mark for virtual asset service providers. The regulator, established in March 2022 under Dubai Law No. 4 of 2022, oversees exchanges, custodians, broker-dealers, and related crypto activities across the emirate outside the Dubai International Financial Centre.
Dubai has spent several years pitching itself as a global hub for digital asset businesses, building a dedicated licensing regime rather than folding crypto into legacy financial rules. The milestone gives policymakers a tangible scorecard as they compete with rival financial centers for regulated crypto flows.
How many Dubai VASPs are actually operating?
License counts and live operations are not the same thing. At the end of 2025, VARA classified 39 licensed VASPs as fully operational—a gap that matters for anyone sizing the market's real footprint. A VARA spokesperson told CoinTelegraph the regulator is validating an updated operational figure for 2026.
VARA also evaluates transaction volumes, assets under management, employment, and audited financial data when assessing market activity. That broader lens suggests Dubai's regulated crypto sector may be more mature than a license tally alone implies—or still ramping, depending on how many approved firms have yet to launch.
How does Dubai's licensed count compare with rivals?
Dubai's 50 licensed VASPs exceed the totals reported in Hong Kong and Singapore, two jurisdictions also chasing regulated crypto business. Hong Kong's Securities and Futures Commission has listed 13 formally licensed crypto firms, though that count is narrower because the regulator licenses a more limited set of business types.
Each jurisdiction licenses different categories of crypto firms, so headline totals do not represent identical buckets of activity. Still, Dubai's pace of approvals reinforces its positioning as a licensing-first market for virtual assets in the Gulf.
Why does the VARA milestone matter beyond the headline?
For crypto operators, a VARA license signals entry into one of the Gulf's most structured crypto regulatory regimes. Dubai established the authority in March 2022 to attract digital asset businesses through a standalone licensing framework rather than folding them into legacy financial rules.
The 50-firm threshold is therefore not just a publicity marker—it signals sustained inbound interest from tokenization platforms, custodians, and trading firms betting on Gulf demand. Whether that interest converts into volume will depend on how quickly newly licensed companies move from approval to full operations.