Dubai's Virtual Assets Regulatory Authority (VARA) has granted its 50th virtual asset service provider license to Tribe Tokenisation FZE, marking a milestone in the emirate’s growing crypto industry.
In a significant development for Dubai's burgeoning cryptocurrency market, the Virtual Assets Regulatory Authority (VARA) has issued its 50th VASP license. This latest approval went to Tribe Tokenisation FZE, bringing the total number of licensed firms in the emirate to this milestone figure.
However, it is important to note that only 39 out of these 50 VASPs were fully operational by the end of 2025. VARA spokespersons highlighted that holding a license does not guarantee immediate commercial operations; companies may undergo controlled periods before launching services or onboarding clients.
Dubai has been actively positioning itself as a global hub for digital asset businesses, establishing VARA in March 2022 to regulate the sector through a dedicated licensing framework. This initiative aims to attract crypto firms by offering unique advantages over competing jurisdictions like Hong Kong and Singapore.
In comparison, Hong Kong's Securities and Futures Commission (SFC) lists only 13 virtual asset trading platforms, while Singapore’s Monetary Authority of Singapore (MAS) authorizes 37 major payment institutions for digital payment token services. These numbers reflect different regulatory approaches in each jurisdiction.
The growth of Dubai's crypto market is attributed to its activity-based regulatory framework and broader financial ecosystem. VARA also considers factors such as transaction volumes, assets under management, employment, and audited financial data when assessing the overall market activity.
This development underscores the importance of regulated markets for attracting investment in cryptocurrencies. It highlights how stringent regulations can foster confidence among investors and businesses operating within Dubai’s crypto space.
Traders should monitor VARA's updates on operationalization statuses of newly licensed firms, as this will provide insights into the actual market presence and activity levels of these companies.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.