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Dubai's VARA hits 50 crypto licenses. Only 39 are live.
Licensing and operating are two different things. VARA's 50th license doesn't mean 50 firms are open. The gap matters for UAE crypto investors.
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Dubai's Virtual Assets Regulatory Authority crossed a milestone. The 50th license issued to a virtual asset service provider. The milestone comes with a footnote.
Licensing and operating are two different things. Only 39 VASPs were fully operational at the end of 2025. The remaining 11 licensed firms are still in the process of moving from approved-on-paper to open-for-business.
VARA keeps a distinction that not every crypto regulator uses. It separates fully active licenses, which let a firm conduct business, from In-Principle Approvals. An IPA is a regulatory green light that does not yet allow commercial operations.
As of May 2026, VARA's public register lists 49 licensed entities active in the market. The most recent addition was CoinCorner Virtual Assets Broker & Dealer Services L.L.C., which secured its license on May 5, 2026.
LTP secured a license in April 2026 as an institutional broker-dealer. That category signals VARA's interest in drawing firms that serve professional and institutional clients rather than weekend traders. Animoca Brands Middle East, part of the Hong Kong-based Web3 conglomerate, obtained its license in February 2026.
VARA's licensing categories now span exchange platforms and custody services. Token issuance falls under a separate frame. The regulator was established in early 2022 under Dubai Law No. 4/2022, making it one of the first dedicated virtual asset regulators globally.
Recent regulatory updates from VARA have targeted market abuse and anti-money laundering compliance, with new rules rolling out through 2025 and 2026. The regulator has also turned its attention to emerging categories like stablecoins and real-world asset tokens. Enforcement against unlicensed operations has intensified.
For investors looking at the Middle Eastern crypto market, the gap between licensed and operational matters. It tells you which firms have cleared every hurdle versus which ones are still getting their operations in order. LTP's April 2026 license as an institutional broker-dealer signals VARA's focus on professional clients. That category tends to attract larger allocations from family offices and funds based in the region.