Dubai’s regulated cryptocurrency industry continues to expand, with 60 virtual asset companies holding active licences and another 23 awaiting full authorisation, reflecting growing interest in the emirate’s digital asset market.
According to an analysis of the Virtual Assets Regulatory Authority (VARA) public register by Regulatory Gate, 20 companies received licences in 2026, compared with 17 in 2025, 12 in 2024 and 11 in 2023.
The figures, updated on November 9, highlight Dubai’s increasing appeal to cryptocurrency exchanges, brokers and financial service providers seeking to operate within an established regulatory framework.
Broker-Dealer Services Lead Dubai’s Crypto Market
Broker-dealer activities account for the largest share of Dubai’s licensed virtual asset sector. Of the 60 active companies, 44 are authorised to provide broker-dealer services, representing more than 70 per cent of the total.
Exchange services form another significant segment, with 17 licensed operators, followed by 13 companies approved for management and investment services.
The register also includes six firms authorised for custody services, five for lending and borrowing, and three for advisory activities. Some companies hold licences covering multiple services.
The distribution demonstrates the broadening range of regulated digital asset activities available in Dubai as the market develops.
Another 23 Crypto Companies Seek Full Licensing
Dubai’s cryptocurrency licensing pipeline remains active, with 23 businesses holding In-Principle Approval (IPA) from VARA.
September recorded the highest number of preliminary approvals in the current register, with seven companies receiving initial regulatory clearance during the month.
Among those progressing through the approval process are Revolut Digital Assets, WhiteBIT and several other businesses seeking to establish cryptocurrency brokerage and exchange operations.
Of the 23 companies holding preliminary approval, 17 are pursuing broker-dealer authorisation, while five have applied for exchange services.
However, VARA regulations clearly distinguish preliminary approval from full licensing. Companies holding IPA status cannot offer regulated virtual asset services to customers until they meet all outstanding regulatory requirements and receive final authorisation.
This distinction is particularly important for investors and customers evaluating whether a cryptocurrency business is legally permitted to operate in Dubai.
Bybit, Rain and Standard Chartered Among 2026 Licence Recipients
Several prominent cryptocurrency and financial services companies have secured regulatory licences in Dubai during 2026.
Bybit Fintech FZE received approval to provide exchange services on October 20, making it one of the latest additions to VARA’s active register.
Other October approvals included Payward FZCO, authorised for broker-dealer and investment management activities, and Rain MENA FZE, licensed to offer exchange and broker-dealer services.
Traditional financial institutions are also strengthening their presence in the sector. Standard Chartered Bank obtained a broker-dealer licence in August, demonstrating growing participation from established banking organisations.
Regulatory Gate’s analysis identified April and August as the busiest months for licence issuance among companies currently listed as active, with four approvals recorded in each month.
June and October followed with three licences each.
Although September recorded no new licences among the companies currently listed as active, it saw seven preliminary approvals.
The latest IPA was issued on September 30 to WB Fintech Development FZE, a company associated with cryptocurrency exchange WhiteBIT.
Dubai Strengthens Its Position as a Digital Asset Hub
Established in 2022, VARA oversees Dubai’s virtual asset industry, including cryptocurrency exchanges, brokerage firms and other digital asset service providers.
The authority’s licensing framework establishes regulatory requirements for businesses operating in the sector, with an emphasis on oversight, compliance and market transparency.
Dubai’s growing number of licensed operators reflects its efforts to develop a regulated environment for digital asset businesses while attracting international cryptocurrency companies and financial institutions.
The latest figures also demonstrate the sector’s expansion since VARA began issuing licences in 2023.
However, the total of 60 represents companies currently holding active licences rather than the cumulative number of licences issued since the regulator’s establishment.
Regulatory Gate said its monthly analysis uses company status information and licence issuance dates published in VARA’s official register.
With 23 additional businesses progressing through the regulatory approval process, Dubai’s licensed virtual asset market could expand further as applicants complete the requirements for full authorisation.
