- Dubai now has 60 licensed virtual asset companies, with 20 licences issued in 2026.
- Another 23 companies have received preliminary VARA approval but await full licences.
- Major players like Kraken, Bybit and Standard Chartered are expanding Dubai’s crypto presence.
Dubai’s crypto industry is expanding with 60 virtual asset companies now licensed to operate in the emirate. More international businesses are entering the market as Dubai becomes a core destination for crypto and digital asset companies.
According to Regulatory Gate, which tracks data from Dubai’s Virtual Assets Regulatory Authority (VARA), 20 of the 60 companies received their licences in 2026. Another 23 companies have received preliminary approval but are still waiting for full licences.
Dubai’s crypto industry has grown steadily since VARA began issuing licences in 2023. For context, the emirate recorded 11 licensed companies in 2023, 12 in 2024 and 17 in 2025. With 20 licences issued so far in 2026, this year has already recorded the highest number of approvals.
Notably, Dubai is attracting more than just crypto exchanges. Businesses involved in brokerage, investment management, custody and other digital asset services are also entering the market.
Dubai Attracts Top Crypto and Financial Companies
Broker-dealer services make up the largest part of Dubai’s licensed crypto industry. Out of the 60 licensed companies, 44 are authorised to provide these services.
Meanwhile, 17 companies have exchange licences, while 13 are approved to offer management and investment services. Other licensed activities include custody, lending, borrowing and advisory services. Some companies are authorised to provide more than one service.
This collectively shows that Dubai is building a broad digital asset industry rather than focusing only on crypto trading.
Several well-known international companies have also joined the market.
Bybit Fintech FZE received an exchange licence on October 20. Payward FZCO, linked to Kraken, received approval in October to provide broker-dealer and investment management services. Rain MENA also received licences for exchange and broker-dealer activities.
Another major development was Standard Chartered Bank receiving a broker-dealer licence in August.
The arrival of traditional banks alongside crypto companies shows that Dubai is attracting different types of financial businesses.
Related: Bybit Announces VARA License for Spot Crypto Trading in Dubai
23 Companies Are Waiting for Full VARA Approval
Regulatory Gate reports that 23 companies currently hold In-Principle Approval (IPA), which is an early stage in VARA’s licensing process. Seven of these approvals were issued in September alone.
Companies awaiting full approval include Revolut Digital Assets and WhiteBIT. They are among the businesses seeking permission to offer crypto brokerage and exchange services.
Companies with IPA status must meet additional regulatory requirements before receiving a full licence. They cannot offer regulated virtual asset services or serve customers in Dubai until VARA grants final approval.
This means the 23 companies represent businesses interested in entering Dubai’s market, not companies that are already fully authorised to operate.
Regulation Is Driving Dubai’s Crypto Ambitions
Dubai established the Virtual Assets Regulatory Authority (VARA) in 2022 under Law No. 4 of 2022. The authority regulates virtual asset activities in Dubai, including its mainland and free zones. However, the Dubai International Financial Centre (DIFC) operates under a separate regulator.
VARA oversees several activities, including:
- Crypto exchanges.
- Brokerage services.
- Digital asset custody.
- Investment management.
- Lending and borrowing.
- Financial advisory services.
Companies must receive the appropriate authorisation before offering regulated virtual asset services. VARA also maintains a public register where people can check whether a company is licensed and what services it is allowed to provide.
This regulatory structure is an important part of Dubai’s plan to become a global digital asset hub. Instead of attracting crypto businesses through incentives alone, the emirate is building a system that requires companies to meet clear regulatory standards.
The strategy also supports Dubai’s Economic Agenda D33, which aims to double the emirate’s economy by 2033 and strengthen its position as a global business and investment destination.
In July, VARA reached another milestone by issuing its 50th virtual asset service provider licence to Tribe Tokenisation FZE.
The regulator said licensed businesses could support Dubai’s economy through technology investment, job creation, international investment and demand for professional services.
Can Dubai Maintain Its Crypto Industry Growth?
Having 60 licensed crypto companies is a huge achievement for Dubai. But maintaining this feat requires more than issuing new licences.
VARA will need to ensure that companies follow the rules as the industry expands. At the same time, licensed businesses must build sustainable operations and attract customers.
The 23 companies waiting for full approval also show that interest in Dubai is growing, although they cannot yet be counted as fully operational licensed businesses.
Still, the steady increase in licences and the arrival of major international crypto companies and traditional financial institutions suggest that Dubai is becoming an attractive destination for the digital asset industry.
The emirate is building a regulated environment where crypto exchanges, investment firms, banks and other digital asset businesses can operate.
Whether Dubai eventually becomes the world’s leading crypto hub remains to be seen. However, its rising number of licensed companies shows that its efforts to attract international digital asset businesses are gaining momentum.
Related: Revolut Wins Initial VARA Approval to Expand Crypto Services in UAE
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