Dubai’s Virtual Assets Regulatory Authority (VARA) has issued its 50th virtual asset service provider (VASP) license, another milestone in the emirate’s effort to build a regulated cryptocurrency industry.
The achievement shows the steady growth of Dubai’s digital asset sector, although not every licensed company has started commercial operations. The latest figures show that while more firms have secured regulatory approval, several are still completing the final steps before launching their services.
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
Why aren’t all licensed firms operating yet?
VARA separates companies that have received full operating licenses from those that have only secured an In-Principle Approval (IPA). An IPA confirms that a company has met important regulatory requirements, but does not allow it to begin commercial activities until all remaining conditions are satisfied.
At the end of 2025, only 39 licensed VASPs were fully operational despite the growing number of approved firms. As of 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, 2026.
The distinction gives businesses a structured path to market while allowing regulators to monitor compliance before firms begin serving customers.
Which crypto firms are joining Dubai’s regulated market?
Several notable crypto companies have received VARA approval this year.
LTP secured a broker-dealer license in April 2026, allowing it to provide services to institutional and professional investors. The approval reflects Dubai’s growing focus on attracting firms that cater to asset managers, family offices and institutional clients.
Animoca Brands Middle East also received a VARA license in February 2026, expanding the presence of major Web3 companies in the emirate.
VARA now issues licenses across multiple business categories, including crypto exchanges, custody providers, broker-dealers and token issuance services.
What does VARA’s licensing growth mean for the crypto industry?
Established in 2022 under Dubai Law No. 4/2022, VARA was among the world’s first regulators created specifically for virtual assets.
Since then, the regulator has expanded its rulebook with stronger anti-money laundering measures, market abuse controls and oversight for emerging sectors such as stablecoins and real-world asset tokenization. It has also increased enforcement against firms operating without authorization.
The growing number of licensed companies reveals Dubai’s ambition to position itself as a global hub for regulated crypto businesses while maintaining clear standards for firms entering the market.
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