Dubai's Regulated Crypto Market Reaches 60 Licensed Companies as 23 More Await Approval
VARA's latest register shows continued growth in the emirate's virtual asset sector, with 20 companies securing full licences in 2026 as international crypto businesses pursue regulatory authorisation.
Dubai's regulated cryptocurrency industry continues to expand, with 60 companies now holding active licences from the emirate's Virtual Assets Regulatory Authority (VARA). A further 23 businesses have received preliminary regulatory approval and are progressing through the licensing process, highlighting continued interest in Dubai's digital asset market.
Figures updated on November 9, 2026, show that the number of licensed companies has increased steadily since VARA began issuing authorisations. Twenty of the companies currently listed as licensed received their approvals in 2026. This compares with 17 licences issued to companies listed in 2025, 12 in 2024 and 11 in 2023.
The figures are based on an analysis of VARA's public register by Regulatory Gate, which monitors changes in the regulator's database.
The growing number of authorised businesses reflects the expansion of Dubai's virtual asset ecosystem, which includes cryptocurrency exchanges, brokerage firms and companies providing other digital asset-related services.
Broker-dealer Services Lead Dubai's Licensed Crypto Market
Broker-dealer activities account for the largest share of authorisations among the 60 licensed companies. A total of 44 firms are permitted to provide these services, representing more than 70 per cent of the licensed group.
Exchange services are the second-largest category, with 17 companies holding the relevant authorisation. Another 13 firms are licensed for management and investment services.
The register also includes six companies authorised for custody services, five for lending and borrowing activities, and three for advisory services. Some businesses hold permission to carry out several regulated activities, meaning these figures represent service authorisations rather than separate companies.
23 Companies Progress Through the Approval Process
In addition to fully licensed businesses, 23 companies have secured In-Principle Approval (IPA) from VARA. This represents an intermediate stage in the regulatory process rather than permission to begin operating.
Seven preliminary approvals were recorded in September, making it the busiest month for IPA decisions in the latest register.
Among the businesses in this category are Revolut Digital Assets and WhiteBIT, alongside other firms seeking approval to provide cryptocurrency brokerage and exchange services.
Of the 23 companies with preliminary approval, 17 have applied for broker-dealer authorisation, while five are pursuing permission to operate exchange services.
Under VARA's regulatory framework, businesses must complete the remaining requirements and obtain a full licence before offering regulated virtual asset services to customers. Preliminary approval alone does not provide permission to commence those activities.
Several Established Firms Join Dubai's Licensed Market
The regulator's register also highlights several companies that received licences during 2026.
Bybit Fintech FZE obtained an exchange services licence on October 20. Payward FZCO received authorisation for broker-dealer and investment management activities, while Rain MENA FZE secured permissions covering exchange and broker-dealer services.
Standard Chartered Bank also received a broker-dealer licence in August, demonstrating the participation of established financial institutions alongside specialist cryptocurrency businesses.
April and August were among the most active months for full licensing, with four companies each receiving licences during those months. June recorded three, while October also saw three licences among the companies currently listed as active.
September presented a different pattern. Although seven companies received preliminary approvals, no licences were recorded for companies currently listed as active during that month.
The latest preliminary approval listed in the analysis was granted to WB Fintech Development FZE on September 30. The company is associated with cryptocurrency exchange WhiteBIT.
VARA's Role in Dubai's Digital Asset Sector
Established in 2022, VARA is responsible for regulating virtual asset activities across Dubai, subject to its jurisdiction and applicable exclusions. Its responsibilities include overseeing businesses involved in cryptocurrency exchanges, brokerage, custody and other virtual asset services.
The authority's licensing framework sets requirements for companies seeking to operate in the emirate and provides regulatory oversight of the sector.
For customers and investors, checking a company's status on the official VARA public register is important when assessing whether a platform is authorised to provide regulated services in Dubai. Businesses with preliminary approval should not be confused with fully licensed operators.
Dubai's Crypto Sector Continues to Develop
The latest figures provide a snapshot of the growth of Dubai's regulated digital asset market since the first licences were issued in 2023. With 60 active licensed companies and another 23 progressing through the preliminary approval stage, the emirate continues to attract businesses seeking to establish a regulated presence.
The figures also underline the importance of understanding the difference between preliminary approval and full authorisation as the market develops.
As more companies pursue regulatory approval, VARA's public register remains an important source for checking the licensing status and permitted activities of virtual asset service providers in Dubai.
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