Dubai’s VARA Issues 50th Virtual Asset License
Forecast Trend Report by Period
Dubai’s Virtual Assets Regulatory Authority has issued its 50th virtual asset service provider license.
Cointelegraph reported June 29 that VARA granted the new license to tokenized asset platform Tribe Tokenisation FZE.
The approval brings the total number of VASP licenses issued by VARA to 50. Still, receiving a license does not mean a company can begin operating immediately. VARA said approved firms may need to complete an operational preparation period before starting customer services.
VARA said 39 virtual asset service providers were actively operating as of the end of last year. The number of operating firms for 2026 is still being compiled.
Dubai has been building its own regulatory framework for virtual assets since establishing VARA in 2022, part of a broader push to become a global digital-asset hub.
Dubai’s license tally now exceeds that of key rival jurisdictions including Singapore and Hong Kong. Singapore has authorized 37 major payment institutions to offer digital payment token services, while Hong Kong’s Securities and Futures Commission has granted full licenses to 13 virtual asset trading platforms.
VARA said it evaluates market growth using a broad set of indicators beyond the number of licenses issued. Those include trading volume, assets under management, employment and audited financial statements.
