Dubai Virtual Assets Regulatory Authority VARA has increased the number of licenses it issues to virtual asset service providers to 50. This step marked a new threshold in the Dubai government’s goal of establishing a regulated cryptocurrency ecosystem.
While the number of licenses increased, the number of companies starting operations remained limited.
Despite the increase in the number of licensed companies, not every company that has received approval has started commercial operations yet. VARA evaluates companies that have received a full operating license separately from those that have only received in-principle approval. Policy approval shows that a company meets key regulatory conditions, but does not allow it to provide customer service until the remaining requirements are met.
By the end of 2025, 39 of the licensed virtual asset service providers were fully operational. There were 49 licensed organizations in VARA’s public registry dated May 2026. The most recent licensed company was CoinCorner Virtual Assets Broker & Dealer Services LLC, which was approved on May 5, 2026.
The two-stage structure implemented by VARA provides companies with a gradual path to market entry while allowing the regulator to monitor compliance before companies open up to customers.
This structure shows that Dubai has chosen not to relax regulatory standards while trying to quickly attract crypto companies. The institution uses the licensing process not only as a registration process but as a pre-operational surveillance tool.
LTP and Animoca Brands Middle East were among the companies that received approval this year.
Several more noteworthy crypto companies received VARA approval this year. LTP obtained its brokerage license in April 2026. With this permission, it will be able to provide services to institutional and professional investors. The approval also reflects Dubai’s desire to attract companies that appeal to its asset managers, family offices and institutional client base.
Animoca Brands Middle East also received a VARA license in February 2026. Thus, the presence of large Web3-focused companies in Dubai has expanded even further. Animoca Brands is a global technology group known for its investments focused on blockchain, digital property and gaming.
Mini-dictionary: In-principle approval is a preliminary stage authorization where the regulator accepts that the applicant meets the main eligibility requirements. Tokenization means creating a digital representation of a financial or physical asset on the blockchain.
| Company | Approval date | License type or status |
|---|---|---|
| CoinCorner Virtual Assets Broker & Dealer Services LLC | May 5, 2026 | got a license |
| LTP | April 2026 | Brokerage license |
| Animoca Brands Middle East | February 2026 | VARA license |
VARA extended rules from 2022
Established in 2022 by Dubai’s Law No. 4, VARA stood out as one of the first regulatory bodies to focus directly on virtual assets. The agency has expanded its rule set over time, strengthening anti-money laundering measures, market abuse controls, and oversight of areas such as stablecoins and tokenization of real-world assets.
The increasing number of licenses suggests that Dubai maintains its goal of becoming a global hub for regulated crypto companies, while maintaining clear rules for firms entering the market.
VARA has also tightened enforcement steps against companies operating without authorization. The current picture indicates that Dubai has adopted licensing and compliance processes as the basic framework while encouraging growth in the sector.
