Dubai Crypto Industry Reaches 60 Licensed Companies as Bybit, Kraken and Standard Chartered Expand
Dubai's cryptocurrency industry has reached 60 licensed virtual asset companies, marking another milestone in the emirate's efforts to establish itself as an international digital asset hub. The latest figures show accelerating interest from global crypto businesses and traditional financial institutions, with 20 licences issued in 2026 alone.
According to Regulatory Gate, which tracks information from Dubai's Virtual Assets Regulatory Authority (VARA), another 23 companies have received In-Principle Approval (IPA) but are still waiting for full regulatory authorisation.
The growing number of approvals reflects the expansion of Dubai's digital asset sector beyond cryptocurrency exchanges, with companies entering brokerage, investment management, custody and other financial services.
Dubai Records Its Highest Annual Number of Crypto Licences
Dubai's licensed virtual asset industry has expanded consistently since VARA began issuing licences in 2023. The emirate recorded 11 licensed companies in 2023, followed by 12 in 2024 and 17 in 2025.
With 20 licences issued so far in 2026, the current year has already recorded the highest annual total since the licensing programme began.
The distribution of licences also highlights the diversity of businesses entering the market. Of the 60 licensed companies, 44 are authorised to provide broker-dealer services, making it the largest category.
Meanwhile, 17 companies hold exchange licences, while 13 have authorisation to provide management and investment services. Other regulated activities include digital asset custody, lending, borrowing and financial advisory services. Some companies hold permission to conduct multiple activities.
The figures indicate that Dubai's regulatory framework is accommodating a broader financial ecosystem rather than concentrating exclusively on cryptocurrency trading platforms.
Bybit, Kraken and Standard Chartered Join Dubai's Licensed Market
Several prominent international financial and cryptocurrency businesses have secured regulatory approvals in Dubai.
Bybit Fintech FZE received an exchange licence on October 20. Payward FZCO, associated with Kraken, obtained approval in October to provide broker-dealer and investment management services.
Rain MENA also received licences covering exchange and broker-dealer activities, expanding its authorised operations in the emirate.
Traditional financial institutions are also entering the market. Standard Chartered Bank received a broker-dealer licence in August, highlighting the participation of established banking groups in Dubai's regulated digital asset sector.
The combination of cryptocurrency companies, investment businesses and traditional banks demonstrates the range of financial institutions seeking access to the emirate's virtual asset market.
23 Crypto Companies Still Await Full VARA Approval
Beyond the 60 fully licensed businesses, 23 companies currently hold In-Principle Approval under VARA's licensing process. Regulatory Gate reports that seven of these preliminary approvals were issued in September alone.
Among the companies awaiting final authorisation are Revolut Digital Assets and WhiteBIT, both seeking permission to provide services involving cryptocurrency brokerage and exchanges.
However, IPA status does not grant companies permission to begin regulated virtual asset operations in Dubai. Businesses must satisfy additional regulatory requirements before VARA issues a full licence.
Until final approval is granted, these companies cannot provide regulated virtual asset services or serve customers in Dubai. Consequently, the 23 applicants represent potential market entrants rather than fully authorised operators.
VARA Regulation Supports Dubai's Digital Asset Strategy
Dubai established the Virtual Assets Regulatory Authority in 2022 under Law No. 4 of 2022. VARA supervises virtual asset activities across Dubai's mainland and free zones, while the Dubai International Financial Centre (DIFC) operates under a separate regulatory authority.
VARA's responsibilities cover cryptocurrency exchanges, brokerage services, digital asset custody, investment management, lending, borrowing and financial advisory activities.
Companies must obtain the appropriate regulatory authorisation before offering covered services. VARA also maintains a public register that allows users to verify a company's licensing status and the activities it is permitted to conduct.
The regulatory framework forms part of Dubai's broader ambition to become a global destination for digital asset businesses. The strategy is also aligned with the emirate's Economic Agenda D33, which aims to double Dubai's economy by 2033 and strengthen its position as an international business and investment centre.
In July, VARA reached another licensing milestone when it issued its 50th virtual asset service provider licence to Tribe Tokenisation FZE.
The regulator has highlighted the potential economic contributions of licensed businesses through technology investment, employment opportunities, international capital and demand for professional services.
Can Dubai Sustain Its Crypto Industry Expansion?
Reaching 60 licensed virtual asset companies represents significant growth for Dubai, but maintaining that momentum will depend on more than the number of approvals issued.
VARA must continue overseeing compliance as additional businesses enter the market, while licensed companies need to establish sustainable operations and attract customers.
The 23 businesses awaiting full approval demonstrate continued interest in Dubai, although their preliminary status means they cannot yet be counted among the emirate's fully authorised operators.
The steady increase in licences, combined with the arrival of international cryptocurrency platforms and traditional financial institutions, indicates that Dubai is strengthening its position in the global digital asset industry.
Whether the emirate eventually becomes the world's leading cryptocurrency hub remains uncertain. However, its growing number of licensed businesses demonstrates continued progress in building a regulated environment for exchanges, investment firms, banks and other virtual asset service providers.
source: coinedition
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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