VARA Grants 50th Crypto License
Dubai's Virtual Assets Regulatory Authority (VARA) has approved its 50th licensed crypto firm, signaling continued growth in the emirate's regulated digital asset market. However, as of end-2025, only 39 virtual asset service providers (VASPs) were fully operational, indicating a lag between licensure and active operations.
Market Status and Regulatory Framework
Established in 2022, VARA has built one of the world's most progressive crypto regulatory frameworks, covering trading, custody, and payments. The 50th license underscores Dubai's ambition to host compliant crypto enterprises. Major exchanges such as OKX and Binance are already licensed, but newly approved firms are still preparing to meet operational requirements, explaining the gap between licensed and fully active providers.
Dubai's model combines licensing with continuous supervision, imposing strict capital adequacy, AML, and asset segregation rules. This approach enhances market integrity but also raises entry barriers, slowing the pace of full operational launches.