Key facts
- Dubai's Virtual Assets Regulatory Authority (VARA) has issued its 50th license to a virtual asset service provider (VASP).
- Tribe Tokenisation FZE was the latest firm to receive a VASP license from VARA.
- VARA stated that holding an active license does not necessarily mean a firm is fully operational.
- Dubai established VARA in March 2022 to attract crypto businesses.
- As of the end of 2025, 39 licensed VASPs in Dubai were considered fully operational.
- Singapore has 37 authorized digital payment token service providers, and Hong Kong has 13 licensed virtual asset trading platforms.
Dubai's Virtual Assets Regulatory Authority (VARA) has reached a milestone by issuing its 50th license for virtual asset service providers (VASPs), with the tokenized assets platform Tribe Tokenisation FZE being the latest recipient. This development underscores Dubai's ongoing efforts to establish itself as a global hub for digital asset businesses.
VARA clarified that possessing an active license does not automatically signify a firm's full operational status. Newly licensed entities may undergo a controlled period of operationalization before commencing services or customer onboarding. At the close of 2025, VARA had classified 39 licensed VASPs as fully operational, with an updated figure for 2026 pending validation.
The emirate established VARA in March 2022 as a dedicated regulator for digital assets, implementing a standalone licensing framework to attract crypto firms. Dubai's current total of 50 licensed VASPs exceeds the numbers reported by competing jurisdictions like Hong Kong and Singapore. However, the licensing categories differ across these regions, meaning direct comparisons of firm types are not exact.
As of Thursday, Singapore's Monetary Authority (MAS) had authorized 37 major payment institutions to offer digital payment token (DPT) services, regulating them within its broader payments framework. Hong Kong's Securities and Futures Commission (SFC) has listed 13 formally licensed virtual asset trading platforms, a count specifically limited to operators of trading platforms.
A VARA spokesperson attributed the market's growth to its activity-based regulatory approach and the broader financial ecosystem, noting that the regulator also considers transaction volumes, assets under management, employment, and audited financial data in its assessments.