Dubai's Virtual Assets Regulatory Authority (VARA) has issued its 50th license to a virtual asset service provider, Tribe Tokenisation FZE. This milestone is part of Dubai's strategy to become a global crypto hub, with its total licensed firms now exceeding competitors like Hong Kong (13) and Singapore (37). However, VARA notes that not all licensed firms are fully operational, with 39 classified as such at the end of 2025.
VARA's 50th VASP license
- ▪The 50th VASP license was issued to Tribe Tokenisation FZE, a tokenized assets platform
- ▪Dubai's Virtual Assets Regulatory Authority (VARA) has granted its 50th virtual asset service provider (VASP) license
Operational status clarification
- ▪Newly licensed companies in Dubai may undergo a controlled operationalization period before offering services to customers
- ▪At the end of 2025, VARA classified 39 of its licensed VASPs as fully operational
- ▪Holding an active license from VARA does not necessarily mean a firm has completed its commercial launch
Dubai crypto hub strategy
- ▪Dubai established its dedicated crypto regulator, VARA, in March 2022 as part of its strategy to become a global digital asset hub
- ▪Dubai's strategy involves attracting crypto businesses through a standalone licensing framework
Regional licensing comparison
- ▪Hong Kong’s Securities and Futures Commission has licensed 13 virtual asset trading platforms under a regime limited specifically to platform operators
- ▪Dubai's 50 licensed VASPs exceed the totals in competing jurisdictions Hong Kong (13) and Singapore (37)
- ▪As of late June 2026, Singapore's Monetary Authority of Singapore listed 37 institutions authorized for digital payment token services
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