Dubai’s Regulated Digital Asset Market Welcomes Relm as Fully Licensed VASP

Dubai’s regulated digital asset market has welcomed a new licensed participant, with Relm—the brand representing XBD Holdings Limited and its subsidiaries—now fully licensed as a Virtual Asset Service Provider (VASP) by the Virtual Assets Regulatory Authority (VARA).

According to VARA’s public register, Relm holds a VASP License under reference VL/17/03/001, authorizing the firm to provide Broker-Dealer Services. The license was issued on March 19, 2026, and is currently listed as Active. VARA specifies that the licence is limited to Spot OTC Trading Only and that Relm is permitted to serve Institutional Investors and Qualified Investors.

The development represents a clear progression from the brand’s previously disclosed in-principle approval (IPA) from VARA in October 2025, which had been positioned as the final step before full authorization. At the time, XBD Holdings noted that the approval supported its UAE expansion plans and reflected Dubai’s attractiveness as a regulated digital asset jurisdiction.

The transition from IPA to a full VASP License is more than a procedural update. A full license confirms that the firm has completed the required licensing process and is authorized to operate within the scope defined by the regulator. This upgrade effectively turns Relm from a pipeline entrant into an active regulated market participant in Dubai’s virtual asset ecosystem.

License Scope Shows Dubai’s Precision-First Regulatory Model

Relm’s approval also underscores the granularity of VARA’s licensing framework. The licence specifies that Relm’s operations are limited to Spot OTC Trading Only under the Broker-Dealer Services category and restricts its client base to Institutional and Qualified Investors, rather than the broader retail market.

This level of specificity enhances institutional credibility. It shows that Dubai is not merely expanding the number of licensed firms but doing so through a structured permissions model where activity type, product scope, and investor category are clearly defined. The UAE’s digital asset market continues to mature through regulatory precision, not just licensing volume.

A Positive Signal for Dubai and the Region

Amid ongoing macroeconomic uncertainty, geopolitical stress, and negative headlines in the broader region, developments like this provide constructive signals. Relm’s full licensing reinforces that Dubai’s regulated digital asset ecosystem is continuing to develop, even when market sentiment is challenged. It suggests that serious firms are willing to complete the regulatory process and that VARA’s framework continues to convert applicants into fully authorized operators.

This matters for the UAE’s broader positioning. Dubai’s digital asset strategy increasingly emphasizes compliance-led market infrastructure, rather than speculative narratives. Each new full licence strengthens the perception that the emirate is building a durable institutional ecosystem, not merely attracting announcements.

Relm’s licence fits into a wider pattern visible on VARA’s register, which includes global and regional names across broker-dealer, exchange, custody, and management services categories. Within that context, Relm’s upgrade demonstrates that Dubai’s licensing pipeline remains active, successfully converting preliminary approvals into full authorizations.

Why This Matters Beyond Relm

For Relm, the licence opens a pathway to serve institutional and qualified investors in Dubai within a clearly defined OTC spot trading model. For the market, the significance is broader. This development is another example of Dubai showing that its virtual asset regime remains operational, transparent, and capable of onboarding new firms under explicit conditions.

In a global environment where digital asset regulation often remains fragmented or politically stalled, each additional full licence under VARA adds to the UAE’s credibility as one of the few jurisdictions visibly building regulated crypto market infrastructure.

For the region, Relm’s approval is more than a company milestone. It is a reminder that even amid broader uncertainty, the institutionalization of digital assets in the UAE continues to progress.