Dubai crypto market hits 50 licensed firms after new VARA approval
Dubai’s crypto regulator, VARA, issued its 50th virtual asset service provider license, with the latest approval going to tokenized assets platform Tribe Tokenisation FZE. The milestone highlights the growth of Dubai’s digital asset licensing regime, though a license does not necessarily mean a firm is fully operating or serving customers yet. VARA said newly licensed firms may undergo a controlled operationalization period first. At the end of 2025, VARA counted 39 fully operational VASPs, and it is updating that figure for 2026. Dubai has spent several years trying to become a global crypto hub, using a standalone licensing framework launched with VARA in 2022. Its 50 licensed VASPs exceed reported totals in Singapore and Hong Kong, though those jurisdictions regulate different categories of firms, so the numbers are not directly comparable. VARA says market growth also reflects transaction volumes, assets under management, employment, and audited financial data.
