Dubai now has 60 licensed virtual asset companies, according to Regulatory Gate data tracking the Virtual Assets Regulatory Authority. That is a small number in global finance terms but the direction is clear. Twenty of those licences were issued in 2026, making this year the strongest for approvals so far. Another 23 firms hold in-principle approval and are waiting for full permission.
VARA began issuing licences in 2023. The count rose from 11 that year to 12 in 2024 and 17 in 2025. The jump to 20 in 2026, with months still left, suggests more companies are willing to go through a formal process rather than test the market informally.
More than trading venues
Broker-dealer services are the largest category. Of the 60 licensed companies, 44 can provide those services. Exchange licences cover 17 firms, while 13 are approved for management and investment services. Others handle custody, lending, borrowing or advisory work. Some firms hold more than one permission.
That mix matters. Dubai is not only signing up crypto exchanges. It is also drawing businesses that sit between clients and markets, or hold assets, or manage money. It looks like an attempt to build a wider digital asset industry, though the numbers are still modest.
Banks and major crypto firms join
Several known names are already in. Bybit Fintech FZE received an exchange licence on October 20. Payward FZCO, linked to Kraken, got approval in October for broker-dealer and investment management services. Rain MENA also holds exchange and broker-dealer licences.
Standard Chartered Bank received a broker-dealer licence in August. The presence of a traditional bank alongside crypto-native firms shows that Dubai is attracting different kinds of financial businesses. That may help with credibility, but it also raises expectations for supervision.
What the 23 pending approvals mean
Regulatory Gate says 23 companies have In-Principle Approval, an early stage in VARA’s process. Seven were issued in September alone. Revolut Digital Assets and WhiteBIT are among those waiting. They cannot offer regulated virtual asset services or serve Dubai customers until final approval.
So the 60 licensed firms are the operating count. The 23 are a pipeline, not yet fully authorised businesses. VARA will need to review them and keep existing licensees in line as the market grows.
Dubai set up VARA in 2022 under Law No. 4. The regulator covers virtual asset activity in Dubai, including the mainland and free zones, while DIFC has a separate regulator. VARA keeps a public register so people can check a company’s status and allowed services.
The strategy is tied to Economic Agenda D33, which aims to double the emirate’s economy by 2033. In July, VARA issued its 50th licence to Tribe Tokenisation FZE. Licensing is one step. Building sustainable operations, attracting customers and enforcing rules will decide whether Dubai’s crypto push lasts.
