The Dubai Virtual Asset Regulatory Authority (VARA) has increased the number of virtual asset service provider licenses it has issued to 50, marking a significant step toward the emirate’s goal of establishing a regulated cryptocurrency ecosystem.
More licenses, but fewer operational companies
Despite the growing number of licensed firms, not every company with approval has commenced commercial operations. VARA differentiates between providers holding a full operational license and those who have only received an initial approval. This initial approval indicates that a company meets the fundamental regulatory requirements; however, they may not serve customers until all conditions are satisfied and a full license is granted.
As of the end of 2025, 39 licensed virtual asset service providers were fully operational. According to VARA’s public registry dated May 2026, a total of 49 licensed entities were listed. The most recent organization to receive approval was CoinCorner Virtual Assets Broker & Dealer Services L.L.C., which was licensed on May 5, 2026.
The two-stage licensing system implemented by VARA offers companies a phased path to market entry, allowing the regulator to oversee compliance before firms begin serving customers.
This structure demonstrates Dubai’s commitment to attracting crypto companies without compromising regulatory oversight. VARA treats the licensing process not merely as a registration, but as a tool for pre-operational supervision.
New approvals in 2026 include LTP and Animoca Brands Middle East
A number of prominent crypto firms have secured VARA approval in 2026. Among them, LTP obtained a brokerage license in April, enabling it to serve institutional and professional investors. This move reflects Dubai’s ambition to attract companies catering to asset managers, family offices, and a corporate client base.
Animoca Brands Middle East also received a VARA license in February 2026, further expanding the presence of major Web3-focused firms in Dubai. Animoca Brands is an international tech group recognized for its investments in blockchain, digital property, and gaming.
Mini glossary: Initial approval is a preliminary permit showing the regulator accepts that an applicant has fulfilled primary eligibility requirements. Tokenization refers to the creation of a digital representation of a financial or physical asset on a blockchain.
| Company | Approval date | License type or status |
|---|---|---|
| CoinCorner Virtual Assets Broker & Dealer Services L.L.C. | May 5, 2026 | Licensed |
| LTP | April 2026 | Brokerage license |
| Animoca Brands Middle East | February 2026 | VARA license |
VARA has broadened its regulatory scope since 2022
Established under Dubai Law No. 4 in 2022, VARA quickly became one of the world’s first dedicated virtual asset regulators. Over time, VARA has expanded its rules, introducing stricter requirements for anti-money laundering, market abuse monitoring, as well as oversight of stablecoins and the tokenization of real-world assets.
The growth in the number of licenses demonstrates that Dubai remains committed to positioning itself as a global hub for regulated crypto companies, while providing clear requirements for new market entrants.
VARA has also stepped up enforcement against unauthorized virtual asset operators. The current landscape indicates that Dubai pursues industry growth while placing licensing and compliance at the core of its regulatory approach.
