Dubai's VARA Licenses 50 Crypto Firms, 11 Still Not Live

Dubai's Virtual Assets Regulatory Authority has issued its 50th license to a cryptocurrency firm. The milestone puts the emirate among the most active licensing regimes for digital assets globally. Yet by the end of 2025, only 39 of those licensed Virtual Asset Service Providers were fully operational. Eleven firms hold approval on paper without serving clients.

The gap between license and launch is baked into VARA's process. A license is the starting gun, not the finish line. Firms still need to clear compliance requirements, build local infrastructure, and hire teams. VARA sets operational conditions before a company can touch customers. That transition takes time. Whether the 11 laggards are stuck on logistics or something more structural, VARA has not broken down the list publicly.

The licensing pipeline itself remains active. New applicants continue to file under VARA's regime, betting that Dubai's clear rulebook outweighs the setup cost. Stablecoin adoption and institutional interest across the Gulf have grown sharply, giving VARA a credible track record to pitch against competing hubs like Abu Dhabi or Singapore.

For traders and crypto businesses, the 39-50 split matters in two ways. First, it shows that license count is a leading indicator, not a real-time map of liquidity or service availability. A firm on VARA's licensed list may be months from offering custody, exchange, or payment services. Second, the gap tests how smoothly the regulator can turn approvals into live operations. A widening gap would signal friction. A narrowing gap would confirm the framework works at scale.

As of the close of 2025, 39 of 50 VARA-licensed VASPs were active in Dubai.