Key facts
- Dubai's Virtual Assets Regulatory Authority (VARA) has licensed its 50th virtual asset service provider (VASP).
- The latest approval was granted to tokenized assets platform Tribe Tokenisation FZE.
- As of the end of 2025, 39 licensed VASPs were classified as fully operational.
- Dubai established VARA in March 2022 to position itself as a global digital asset hub.
- Dubai's 50 licensed VASPs surpass the number of similar firms licensed in Hong Kong and Singapore.
Dubai's Virtual Assets Regulatory Authority (VARA) has reached a milestone by granting its 50th license to a virtual asset service provider (VASP), with Tribe Tokenisation FZE being the latest recipient. However, the total number of licenses does not fully reflect the market's operational capacity, as VARA noted that holding an active license does not automatically mean a firm has launched commercially. Newly licensed entities may undergo a period of controlled operationalization before offering services to customers.
At the close of 2025, VARA reported that 39 licensed VASPs were fully operational, and the regulator is currently validating an updated figure for 2026. Dubai has been actively working to establish itself as a global hub for digital asset businesses since establishing VARA in March 2022, implementing a dedicated licensing framework to attract companies.
This licensing framework has led to Dubai surpassing other major financial centers like Hong Kong and Singapore in terms of the number of licensed crypto firms. Hong Kong's Securities and Futures Commission (SFC) has listed 13 licensed virtual asset trading platforms, while Singapore's Monetary Authority (MAS) has authorized 37 major payment institutions for digital payment token services. VARA attributes its market growth to an activity-based regulatory approach and its broader financial ecosystem, also considering transaction volumes, assets under management, employment, and audited financial data in its assessments.