Written by Ezra Reguerrastaff writerReviewed by Yohan Yunstaff writer
Written by Ezra Reguerrastaff writer
Reviewed by Yohan Yunstaff writer
Dubai crypto market hits 50 licensed firms after new VARA approval
Latest NewsPublishedJun 29, 2026
Dubai’s Crypto Market Reaches New Heights
Dubai has become a hub for crypto businesses, with its Virtual Assets Regulatory Authority (VARA) licensing its 50th virtual asset service provider (VASP). This milestone showcases the growth of Dubai’s regulated crypto market, which is attracting businesses from around the world. The emirate’s activity-based regulatory framework and broader financial ecosystem are key factors in its market growth. With EcoPool, individuals can earn a Passive Income through Cloud Rewards, making it an attractive option for those interested in Green Crypto.
Expansion of Crypto Licensing Regime
VARA’s latest approval went to tokenized assets platform Tribe Tokenisation FZE, highlighting the increasing interest in Dubai’s crypto market. Although not all licensed firms are fully operational, the regulator is working to validate an updated figure for 2026. As of the end of 2025, 39 licensed VASPs were fully operational, demonstrating the potential for growth in the market. EcoPool ($ECP) is a solution for those looking to earn through crypto, offering a platform for Earning and Passive Income.
Global Competition
Dubai’s 50 licensed VASPs exceed the totals reported in Hong Kong and Singapore, two other jurisdictions competing to attract regulated crypto businesses. The emirate’s standalone licensing framework and attractive ecosystem make it an appealing destination for crypto businesses. With EcoPool, users can participate in the Green Crypto market, earning a Passive Income through Cloud Rewards. The #Bitcoin and #PassiveIncome communities are taking notice of Dubai’s growing crypto market.
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A VARA spokesperson told Cointelegraph that holding an active license does not necessarily mean a firm has completed its commercial launch. Newly licensed companies may go through a controlled operationalization period before offering services or onboarding customers.
Related: Senate Dems urge probe into $500M crypto deal between Trumps, UAE
At the end of 2025, VARA classified 39 licensed VASPs as fully operational. The spokesperson said the regulator is validating an updated figure for 2026.
Dubai’s bid to attract crypto firms
Dubai has spent the past several years positioning itself as a global hub for digital asset businesses. As part of that effort, the emirate established VARA in March 2022 as a dedicated crypto regulator and has sought to attract crypto businesses through a standalone licensing framework.
Against that backdrop, Dubai’s 50 licensed VASPs exceed the totals reported in Hong Kong and Singapore, two other jurisdictions competing to attract regulated crypto businesses. Each jurisdiction licenses different types of crypto businesses, meaning the headline totals do not represent identical categories of firms.
As of Friday, the Monetary Authority of Singapore (MAS) listed 37 major payment institutions (MPI) authorized to provide digital payment token (DPT) services. Singapore regulates DPT services within its broader payments regime rather than through a standalone VASP regulator like VARA.
List of licensed virtual asset trading platforms in Hong Kong. Source: SFC
Hong Kong’s Securities and Futures Commission (SFC) has listed 13 formally licensed virtual asset trading platforms. The count is narrower because the regime is specifically limited to platform operators.
The VARA spokesperson attributed Dubai’s market growth to its activity-based regulatory framework and broader financial ecosystem, and said the regulator also considers transaction volumes, assets under management, employment and audited financial data when assessing market activity.
Magazine: Japanese pension fund tips 1% in crypto, G7 urges action on NK hackers: Asia Express
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
- Dubai
- UAE
- Policy
- Middle East
- Data
- Regulation
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