Dubai’s Virtual Assets Regulatory Authority (VARA) has issued its 50th virtual asset service provider (VASP) license, adding to the number of cryptocurrency companies operating within the emirate’s regulatory framework.
The milestone comes as more digital asset firms seek authorization to provide services in Dubai. However, receiving a license does not always mean a company can immediately begin commercial operations. Several firms remain at different stages of the approval process.
In 2026, the virtual asset sector is increasingly defined by structure, discipline, and regulatory oversight. Access continues to expand through regulated platforms, alongside a stronger focus on risk management and long-term participation.
Within this evolving landscape, Dubai… pic.twitter.com/XRviQOeHpt
— Virtual Assets Regulatory Authority (VARA) (@varadubai) June 29, 2026
VARA separates approval from market launch
VARA distinguishes between companies that have received full operating licenses and those that have obtained In-Principle Approval (IPA). An IPA indicates that a firm has satisfied key regulatory requirements, but it must complete additional conditions before beginning commercial activities.
At the end of 2025, 39 licensed VASPs were fully operational, according to the figures provided in the original report. By May 2026, VARA’s public register listed 49 licensed entities, with CoinCorner Virtual Assets Broker & Dealer Services L.L.C. becoming the latest company to receive a license on May 5.
The two-stage process gives firms a route into Dubai’s digital asset market while allowing the regulator to assess whether applicants have completed the necessary compliance and operational requirements before serving customers.
For companies, that can mean a longer path from regulatory approval to revenue-generating operations. For customers, the distinction provides information about whether a firm is fully authorized to conduct its proposed activities.
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Institutional crypto firms expand in Dubai
Several established digital asset companies have joined Dubai’s regulated market.
LTP secured a broker-dealer license in April 2026, allowing it to provide services to institutional and professional investors. Its authorization adds another firm targeting asset managers, family offices, and other professional clients.
Animoca Brands Middle East also received a VARA license in February 2026.
VARA issues licenses covering several activities, including exchanges, custody services, broker-dealer operations, and token issuance. This allows companies with different business models to seek authorization under a common regulatory framework.
Dubai builds a regulated framework for digital assets
VARA was established in 2022 under Dubai Law No. 4/2022 as a dedicated regulator for virtual assets. Since then, it has expanded its rulebook to cover areas including anti-money laundering, market abuse, stablecoins, and real-world asset tokenization.
The regulator has also taken enforcement action against firms operating without the required authorization. That combination of licensing and enforcement gives companies clearer requirements while establishing consequences for businesses that operate outside the framework.
The 50-license milestone therefore says more than the number of approved companies. It also shows how Dubai is building a formal process for businesses seeking to offer digital asset services.
The gap between licensed entities and fully operational firms remains worth monitoring. A growing register does not automatically translate into greater customer activity, liquidity, or institutional adoption. The number of firms that complete the final approval stage and successfully launch services will provide a clearer picture of how much commercial activity the framework is producing.
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