Dubai’s Virtual Assets Regulatory Authority, or VARA, has increased the number of licensed virtual asset service providers to 50, marking another step in the emirate’s regulated crypto buildout. The headline figure, though, does not mean every approved firm is already serving customers.
Licensed entities outnumber fully operational firms
VARA separates full operational licenses from initial approvals. An initial approval shows that an applicant has met core regulatory requirements, but the company cannot begin serving customers until all remaining conditions are completed and a full license is issued. The setup gives firms a phased route into the market while allowing the regulator to review compliance before commercial activity starts.
By the end of 2025, 39 licensed virtual asset service providers were fully operational. In VARA’s public registry dated May 2026, the total number of licensed entities stood at 49. The latest organization listed as approved was CoinCorner Virtual Assets Broker & Dealer Services L.L.C., licensed on May 5, 2026.
2026 approvals included LTP and Animoca Brands Middle East
Several notable crypto firms secured VARA approval in 2026. LTP received a brokerage license in April 2026, allowing it to serve institutional and professional investors. The move points to Dubai’s focus on attracting firms that work with asset managers, family offices, and corporate clients.
Animoca Brands Middle East also obtained a VARA license in February 2026, adding to the city’s base of Web3-focused companies. The source describes Animoca Brands as an international technology group known for investments in blockchain, digital property, and gaming.
Regulatory scope has widened since 2022
VARA was established under Dubai Law No. 4 of 2022 and became one of the first dedicated regulators for virtual assets. Since then, it has expanded its rulebook with stricter anti-money laundering requirements, market abuse monitoring, and oversight covering stablecoins and the tokenization of real-world assets.
VARA has also intensified enforcement against unauthorized virtual asset operators. The current framework shows Dubai pursuing industry expansion while keeping licensing review and compliance controls at the center of its regulatory model.