Dubai’s VARA Issues 50th Virtual-Asset License
Summary
- Dubai’s virtual-asset regulator VARA said it issued its 50th VASP license to Tribe Tokenisation FZE.
- VARA said obtaining a license does not immediately mean a firm can begin operations, and companies may go through a period of operational preparation before launching services.
- Dubai has built its own virtual-asset regulatory framework since establishing VARA and has issued more licenses than Singapore and Hong Kong.
Forecast Trend Report by Period
Dubai’s Virtual Assets Regulatory Authority has issued its 50th virtual-asset service provider, or VASP, license.
Cointelegraph reported on June 29 that VARA granted the new license to Tribe Tokenisation FZE, a tokenized-asset platform.
The approval brings the total number of VASP licenses issued by VARA to 50. The regulator said a license does not automatically allow a company to start operations. Approved firms may go through a preparatory period before launching customer services.
VARA said 39 virtual-asset service providers were operating as of the end of last year. The number of operating firms for 2026 is still being compiled.
Dubai has been building its own virtual-asset regulatory framework since establishing VARA in 2022, part of its push to become a global digital-asset hub.
The emirate has issued more licenses than rival hubs Singapore and Hong Kong. Singapore has authorized 37 major payment institutions to provide digital payment token services, while Hong Kong’s Securities and Futures Commission has granted full licenses to 13 virtual-asset trading platforms.
VARA said it evaluates market growth using a range of indicators, including license numbers, trading volume, assets under management, employment and audited financial statements.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.