Dubai has reached a significant milestone in its digital asset strategy after the Virtual Assets Regulatory Authority (VARA) issued its 50th license to a cryptocurrency company, reinforcing the emirate’s position as a leading global hub for virtual asset innovation.
The latest license was granted to Tribe Tokenisation FZE, a company specializing in tokenized assets, marking another step in Dubai’s ongoing efforts to attract blockchain and digital finance businesses through a dedicated regulatory framework.
Established in March 2022 under Dubai Law No. 4 of 2022, VARA was among the world’s first regulators created exclusively to oversee the virtual assets sector. Since its launch, the authority has developed a comprehensive licensing regime covering a wide range of activities, including crypto exchanges, custody services, broker-dealer operations, token issuance, tokenized asset platforms, and other virtual asset services.
Dubai’s specialized approach to regulating the industry has helped distinguish it from jurisdictions that rely on traditional financial regulations to supervise crypto-related activities. The framework has continued to attract international firms seeking regulatory clarity while supporting the emirate’s ambition to become a global centre for digital asset innovation.
Despite reaching the 50-license milestone, VARA emphasized that the number of licenses issued does not necessarily reflect the number of companies actively operating in the market. According to the regulator, newly licensed firms typically undergo a controlled operationalization process before launching commercial services and onboarding customers.
By the end of 2025, VARA had classified 39 Virtual Asset Service Providers (VASPs) as fully operational, while updated figures for 2026 remain under review.
As of May 2026, VARA’s public register listed 49 active licensed entities. Recent approvals include CoinCorner Virtual Assets Broker and Dealer Services L.L.C., institutional broker-dealer LTP, which secured its license in April 2026, and Animoca Brands Middle East, which also received regulatory approval earlier this year.
The latest licensing milestone underscores Dubai’s continued commitment to building a transparent and robust ecosystem for digital assets as it strengthens its standing in the rapidly evolving global crypto industry.
