Dubai Now Hosts 60 Licensed Crypto Firms, With 23 More in VARA Pipeline

Dubai's Virtual Assets Regulatory Authority has licensed 60 virtual asset service providers, with another 23 companies holding In-Principle Approval and awaiting full authorisation. Broker-dealer services dominate the register: 44 of the 60 licensed firms can provide them, according to VARA's public licensing data reported by Regulatory Gate.

The remaining licences break down into a broader service mix. Seventeen companies hold exchange licences, and 13 are approved for management and investment services. Other authorised activities include custody, lending, borrowing and advisory services, and several firms hold permissions across multiple categories.

The composition signals that Dubai is assembling a full-stack digital asset industry rather than a trading-only cluster.

Which firms received licences?

Several international names joined the register in recent months:

• Bybit Fintech FZE received an exchange licence on October 20.
• Payward FZCO, the entity linked to Kraken, received approval in October for broker-dealer and investment management services.
• Rain MENA obtained licences for exchange and broker-dealer activities.
• Standard Chartered Bank received a broker-dealer licence in August.

Standard Chartered's arrival matters beyond its single licence. The presence of a traditional bank alongside native crypto firms shows Dubai is drawing different categories of financial institutions, not only exchanges seeking permissive jurisdiction.

What does the 23-company pipeline mean?

The 23 companies holding In-Principle Approval represent the next wave of entrants, not operational businesses. Seven of those approvals were issued in September alone — a pace that suggests accelerating demand.

The pipeline includes Revolut Digital Assets and WhiteBIT, both seeking permission to offer crypto brokerage and exchange services. Under VARA's process, IPA holders must meet additional regulatory requirements before receiving a full licence, and they cannot serve customers in Dubai or offer regulated virtual asset services until final approval lands.

That distinction matters for market sizing. Dubai's licensed industry counts 60 operating firms; the 23 IPA holders reflect intent, not yet capacity.

How does VARA's framework work?

Dubai established VARA in 2022 under Law No. 4 of 2022. The authority regulates virtual asset activity across the emirate's mainland and free zones, with one carve-out: the Dubai International Financial Centre operates under a separate regulator.

VARA's remit covers:

• Crypto exchanges
• Brokerage services
• Digital asset custody
• Investment management
• Lending and borrowing
• Financial advisory services

Companies must obtain the appropriate authorisation before offering any regulated virtual asset service, and VARA maintains a public register where counterparties can verify a firm's licence status and permitted activities.

In July, VARA issued its 50th virtual asset service provider licence to Tribe Tokenisation FZE. The regulator said licensed businesses could support Dubai's economy through technology investment, job creation, international investment and demand for professional services.

The licensing regime anchors Dubai's Economic Agenda D33, which targets doubling the emirate's economy by 2033 and strengthening its position as a global business and investment destination.

Can Dubai sustain the growth?

Sixty licensed firms mark rapid progress since VARA's 2022 founding, but the count alone measures throughput, not viability. VARA will need to enforce compliance as the industry expands, and licensed firms must build sustainable operations and win customers in an increasingly crowded market.

The pipeline points one way for now: 23 companies have committed capital and staff to the authorisation process without guaranteed approval. With Revolut and WhiteBIT among those waiting, VARA's next round of full licences will test whether Dubai can convert regulatory demand into an operating industry at scale.

By Tom Whitfield