Dubai Crypto Market Expands to 50 Licensed Firms as VARA Approves New Rules

Dubai's Virtual Assets Regulatory Authority (VARA) has granted its 50th virtual asset service provider (VASP) license to Tribe Tokenisation FZE. This milestone reflects the emirate's rapidly growing authorization pipeline for digital assets.

VARA clarified that holding an active license does not necessarily mean a firm has completed its commercial launch. Newly authorized companies may be required to go through a controlled operationalization period before offering services or onboarding customers.

The difference between licensed and fully operational VASPs is crucial for market participants, who should monitor VARA's periodic updates on the number of firms that have completed their rollout and are actively operating in the market.