Dubai now has 60 fully licensed crypto firms, with 23 more waiting for full VARA approval

Dubai’s cryptocurrency industry has reached 60 fully licensed companies, while another 23 firms hold preliminary regulatory approval, as the emirate continues to attract digital asset businesses seeking access to its regulated market.

The figures, updated on November 9, 2026, by Regulatory Gate through an analysis of the Dubai Virtual Assets Regulatory Authority (VARA) public register, show continued growth in the number of businesses obtaining a VARA license since the regulator began issuing approvals in 2023.

Of the 60 companies currently holding active licences, 20 received their authorisation in 2026. This compares with 17 in 2025, 12 in 2024 and 11 in 2023.

The growing number of licensed operators reflects Dubai’s efforts to establish itself as an international centre for cryptocurrency trading, brokerage and other virtual asset services. However, the 23 firms holding In-Principle Approval (IPA) must still satisfy additional regulatory requirements before they can begin offering regulated services.

VARA license growth reflects Dubai’s expanding crypto market

Broker-dealer services account for the largest share of Dubai’s licensed virtual asset industry, with 44 of the 60 companies authorised to provide them, representing more than 70% of the total.

Exchange services are the second-largest category, with 17 companies holding the relevant authorisation. Another 13 firms are licensed to provide management and investment services.

The regulator’s register also includes six companies authorised for custody services, five for lending and borrowing, and three for advisory activities. Some businesses hold licences covering multiple service categories.

The distribution suggests that brokerage and trading-related activities remain central to Dubai’s regulated digital asset market, while custody, investment management and other specialised services are also attracting licensed operators.

Obtaining a VARA license requires businesses to meet the regulator’s requirements for their proposed virtual asset activities. The framework is designed to establish oversight of companies operating in Dubai’s digital asset sector and distinguish authorised providers from businesses that have yet to secure permission.

Established in 2022, VARA oversees virtual asset activities across Dubai, including cryptocurrency exchanges, brokers and other digital asset service providers.

23 crypto firms remain in VARA’s licensing pipeline

Beyond the 60 fully licensed companies, another 23 businesses have received In-Principle Approval, an intermediate stage in the regulatory process.

Seven of these preliminary approvals were issued in September, making it the busiest month for IPA decisions among the companies listed in the current register.

Revolut Digital Assets and WhiteBIT are among the businesses awaiting full authorisation, alongside other firms seeking to provide cryptocurrency brokerage and exchange services.

Broker-dealer activities account for most of the applications, with 17 of the 23 preliminary approval holders seeking permission to provide such services. Five have applied for exchange authorisation.

However, receiving an IPA does not mean a company has secured a full VARA license or can immediately begin serving customers.

Businesses must complete the remaining regulatory requirements and obtain final authorisation before commencing regulated virtual asset activities.

This distinction is important for customers and investors assessing whether a cryptocurrency platform is legally authorised to operate in Dubai. A company’s presence on the preliminary approval list should not be confused with full regulatory permission.

The growing pipeline nevertheless indicates continued interest from international and regional businesses seeking entry into Dubai’s virtual asset market.

Bybit, Rain and Standard Chartered secure VARA license approvals

Several notable cryptocurrency companies and established financial institutions have joined Dubai’s licensed market in 2026.

Bybit Fintech FZE received an exchange services licence on October 20, making it one of the latest additions to the regulator’s active register.

Other October approvals include Payward FZCO, which received authorisation for broker-dealer and investment management services, and Rain MENA FZE, which secured approval for exchange and broker-dealer activities.

Standard Chartered Bank also received a broker-dealer VARA license in August, highlighting the growing participation of traditional financial institutions in Dubai’s regulated digital asset industry.

According to Regulatory Gate’s analysis, April and August were the busiest months for full licence issuance among companies currently listed as active, with four approvals each.

June recorded three licences, while October also saw three. September, despite recording seven preliminary approvals, had no new full licences among the companies currently listed as active.

The latest preliminary approval was issued on September 30 to WB Fintech Development FZE, a company associated with cryptocurrency exchange WhiteBIT.

These developments illustrate how Dubai’s regulatory framework is attracting different categories of market participants, from specialist cryptocurrency exchanges to established banking institutions seeking to expand their digital asset operations.

What Dubai’s 60 VARA license approvals mean for the industry

The increase to 60 active license holders provides another indication of the development of Dubai’s regulated cryptocurrency sector since the first approvals were issued in 2023.

For businesses, securing a VARA license offers a regulatory pathway to operate within one of the Middle East’s prominent digital asset markets. For customers, the licensing framework provides a reference point for assessing whether a virtual asset service provider has obtained the necessary authorisation.

Nevertheless, the number of licensed companies alone does not establish the quality of their services, financial strength or level of consumer protection. Customers must still assess individual platforms and verify their regulatory status.

Regulatory Gate said its figures were compiled using licence issuance dates and company statuses published in VARA’s official database. The 60-company total represents businesses currently listed as active, rather than every licence the regulator has issued since its establishment.

As more companies move through the approval process, Dubai’s ability to convert preliminary applications into fully authorised operations will remain an important measure of the market’s expansion.

The latest figures suggest that competition for a place in Dubai’s regulated digital asset industry is continuing to grow, with cryptocurrency businesses and traditional financial institutions increasingly seeking a VARA license to establish their presence in the emirate.