Dubai’s Virtual Assets Market Expands as VARA Issues 50th VASP Licence

The Dubai Virtual Assets Regulatory Authority (VARA) today announced the issuance of its 50th Virtual Asset Service Provider (VASP) licence, marking a significant milestone in the growth of Dubai's regulated virtual assets market.

The 50th licence has been granted to Tribe Tokenisation FZE, bringing the total number of VARA-licensed VASPs to 50 and highlighting the continued expansion and maturity of Dubai's virtual assets ecosystem.

Dubai's Virtual Assets Ecosystem Continues to Expand

Since its establishment in 2022, VARA has developed a dedicated regulatory framework for virtual assets across the Emirate of Dubai. Today, its licensed market includes companies operating across multiple business models, services, and segments of the virtual asset value chain.

The milestone extends beyond the number of licensed firms. Each authorised VASP has chosen to establish regulated operations in Dubai, contributing to the local economy through high-skilled employment, technology investment, office expansion, demand for professional services, international capital inflows, and stronger financial market capabilities.

VARA Licensing Supports Dubai Economic Agenda D33

The continued growth of Dubai's regulated virtual assets sector aligns with the objectives of the Dubai Economic Agenda D33, which aims to develop future-focused industries, attract global businesses, and strengthen Dubai's position as a leading international hub for innovation, finance, and technology.

VARA maintains that clear and transparent regulation enables sustainable economic growth by giving credible firms the confidence to invest, scale their operations, and operate responsibly. At the same time, the framework enhances consumer protection, safeguards market integrity, and reinforces long-term confidence in the virtual assets sector.

VARA's Licensing Framework Focuses on Compliance and Risk Management

VARA's licensing process evaluates applicants across a broad range of regulatory and operational requirements, including corporate governance, ownership structure, financial resilience, operational capabilities, technology infrastructure, cybersecurity, risk management, regulatory compliance, and anti-money laundering controls.

Licensed firms remain subject to ongoing regulatory supervision and must continuously meet the conditions and obligations associated with their authorisation.

Tribe Tokenisation FZE Joins VARA's Licensed VASP Register

The issuance of the 50th licence marks another step in Dubai's ambition to become one of the world's most trusted and influential virtual assets hubs. VARA stated that it will continue working closely with licensed firms, government entities, and international regulators to promote responsible market development, regulatory alignment, and sustainable innovation.

Following its approval, Tribe Tokenisation FZE will be added to VARA's public register of licensed VASPs, allowing consumers and market participants to verify the regulatory status of virtual asset businesses operating in or from Dubai.