- The Dubai VARA issued its 50th VASP license to Tribe Tokenisation FZE.
- VARA said only 39 licensed VASPs were fully operational by the end of 2025.
- Tribe will complete VARA’s operational process before launching services.
Dubai’s crypto regulator has issued its 50th Virtual Asset Service Provider (VASP) license, with real-world asset (RWA) platform Tribe Tokenisation FZE becoming the latest company to receive approval.
The milestone marks another step in the emirate’s push to build a regulated digital asset industry through its dedicated licensing framework.
The approval came from the Virtual Assets Regulatory Authority (VARA), which has overseen crypto businesses in Dubai since its launch in March 2022. While the regulator has now granted 50 licenses, it said that figure should not be treated as the number of firms currently operating in the market.
Licensed Does Not Mean Operational
VARA said an active license does not automatically mean a company has started commercial operations. Newly approved firms may still go through a controlled operational period before they can offer services or onboard customers.
At the end of 2025, VARA classified 39 licensed VASPs as fully operational. The regulator is now validating the updated operational count for 2026.
This process allows firms to complete compliance checks, operational testing, and other regulatory requirements before launching products to the public.
Tribe Enters Dubai’s Tokenization Market
Tribe Tokenisation FZE focuses on tokenizing real-world assets such as real estate, bonds, commodities, and artwork. Tokenization converts ownership of these assets into blockchain-based digital tokens, allowing assets to be divided into smaller portions and transferred more efficiently.
The new license gives Tribe a regulated path to operate in Dubai once it completes VARA’s operational requirements. The approval also places the company among the first 50 firms licensed under Dubai’s virtual asset framework.
Dubai Expands Its Lead in Crypto Licensing
Dubai has spent the past several years building itself into a global destination for crypto companies. The creation of VARA under Dubai Law No. 4 of 2022 gave the emirate one of the world’s first dedicated regulators focused entirely on virtual assets.
The total of 50 licensed VASPs is higher than the headline figures reported in other major crypto hubs, although the numbers are not directly comparable because each jurisdiction licenses different types of businesses.
As of last week, Singapore’s Monetary Authority listed 37 major payment institutions approved to provide digital payment token services under its broader payments framework rather than a dedicated VASP regime.
Hong Kong’s Securities and Futures Commission listed 13 licensed virtual asset trading platforms, a narrower category that applies only to exchange operators.
Related: Dubai’s VARA Sets Strict Rules for Crypto Derivatives Trading Market
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