Dubai Crypto Market Reaches 50 Licensed Firms

Dubai’s Virtual Assets Regulatory Authority (VARA) has reached a new milestone by issuing its 50th virtual asset service provider (VASP) license. The regulator announced on Thursday that its latest license was awarded to Tribe Tokenisation FZE, a company focused on tokenized assets.

While the achievement reflects the continued expansion of Dubai’s digital asset regulatory framework, the total number of licenses does not necessarily indicate how many firms are actively operating or the scale of their commercial activities. A VARA spokesperson told Cointelegraph that receiving a license does not automatically mean a company has launched its services. Newly approved firms may first complete a controlled operational phase before onboarding customers or beginning commercial operations.

By the end of 2025, VARA had identified 39 licensed VASPs as fully operational. The regulator said it is currently verifying the updated figure for 2026.

Dubai continues building its crypto hub

Dubai has spent recent years strengthening its position as a global destination for cryptocurrency businesses. To support that ambition, the emirate established VARA in March 2022 as a dedicated regulator for virtual assets, introducing a standalone licensing framework designed specifically for crypto companies.

This approach has helped Dubai surpass other major digital asset jurisdictions in terms of licensed firms. However, direct comparisons should be made carefully, as each region regulates different types of crypto businesses under different legal structures.

Dubai outpaces other crypto jurisdictions

As of Thursday, Dubai’s 50 licensed VASPs exceeded the number of crypto-related licenses issued in both Singapore and Hong Kong. According to the Monetary Authority of Singapore (MAS), the country currently has 37 major payment institutions authorized to provide digital payment token services. Unlike Dubai, Singapore regulates crypto businesses under its broader payments framework rather than through a dedicated crypto regulator.

Meanwhile, Hong Kong’s Securities and Futures Commission (SFC) has granted licenses to 13 virtual asset trading platforms, reflecting a narrower regulatory scope focused specifically on exchange operators.

According to VARA, Dubai’s continued growth is supported by its activity-based regulatory model and broader financial ecosystem. Beyond licensing numbers, the regulator also evaluates factors such as transaction volumes, assets under management, employment levels and audited financial data when assessing the development of the market.

Sources:

https://eservices.mas.gov.sg/fid/institution?sector=Payments&category=Major%20Payment%20Institution&activity=Digital%20Payment%20Token%20Service

https://www.sfc.hk/en/Welcome-to-the-Fintech-Contact-Point/Virtual-assets/Virtual-asset-trading-platforms-operators/Lists-of-virtual-asset-trading-platforms

https://dlp.dubai.gov.ae/Legislation%20Reference/2022/Law%20No.%20%284%29%20of%202022%20Regulating%20Virtual%20Assets.html

https://cointelegraph.com/news/dubai-crypto-market-50-licensed-firms-vara