The Dubai Virtual Assets Regulatory Authority (VARA) recently announced the issuance of its 50th Virtual Asset Service Provider (VASP) license, marking an important milestone in the development of Dubai’s regulated virtual assets market.
The 50th license has been issued to Tribe Tokenisation FZE. Its authorization brings the total number of VASPs licensed by VARA to 50, reflecting the continued growth and maturity of Dubai’s virtual assets ecosystem.
VARA strengthens Dubai’s position as a hub for innovation
Since its establishment in 2022, VARA has developed a dedicated regulatory regime for virtual assets across the Emirate of Dubai. Its licensed market now includes firms operating across a range of business models, services and stages of the virtual asset value chain.
The milestone is significant not only because of the number of licensed firms, but also because of what it represents for Dubai. Each licensed VASP has chosen to establish regulated operations in the emirate, contributing to economic activity through high-skilled jobs, technology investment, office presence, demand for local professional services, international capital flows and deeper financial-market capability.
This supports Dubai’s broader ambitions under the Dubai Economic Agenda D33 by helping build one of the future economy sectors, attracting global businesses and strengthening the emirate’s position as a leading center for innovation, finance and technology.
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50th license marks milestone in Dubai’s ambition to become a trusted virtual assets hub
VARA’s approach is based on the principle that clear regulation can enable sustainable economic growth. Clear rules give serious firms the confidence to invest, scale, and operate responsibly, while helping to protect consumers, strengthen market integrity and support long-term confidence in the sector.
VARA’s licensing process assesses applicants across multiple areas, including governance, ownership, financial resilience, operational capability, technology, cybersecurity, risk management, compliance and anti-money laundering controls.
Licensed firms remain subject to ongoing supervision and must continue to meet the conditions and requirements of their authorization.
The issuance of the 50th license represents another step in Dubai’s ambition to establish a globally significant and trusted virtual assets hub. VARA will continue to work with licensed firms, government partners and international regulatory counterparts to support responsible market development, regulatory alignment and sustainable innovation.
Tribe Tokenisation FZE will be listed on VARA’s public register of licensed VASPs, which provides consumers and market participants with an authoritative source for verifying the regulatory status of virtual asset businesses operating in or from Dubai.
