Dubai's Virtual Assets Regulatory Authority has issued its 50th license to a virtual asset service provider. This milestone marks significant growth for the regulator, established just four years ago.
However, licensing and operation are distinct. Only 39 licensed firms were fully operational by the end of 2025. VARA maintains a clear separation between full operating licenses and In-Principle Approvals, which do not permit commercial activity.
Recent licensees include institutional broker-dealer LTP and Animoca Brands Middle East. The authority now oversees exchanges, custody, broker-dealers, and token issuance.
Established in 2022, VARA is a global pioneer in dedicated virtual asset regulation. It continues to update rules on market abuse, anti-money laundering, and emerging areas like stablecoins. For investors, this framework offers clarity, identifying which firms have cleared all regulatory hurdles.