Dubai’s VARA Grants 50th Crypto License To Tribe Tokenisation

Dubai’s Virtual Assets Regulatory Authority granted its 50th virtual asset service provider license Monday, approving tokenized assets platform Tribe Tokenisation FZE. While the milestone reflects growth in Dubai’s licensing regime, a VARA spokesperson told that holding a license doesn’t necessarily mean a firm is fully operational, since new companies often go through a controlled rollout period before launching services.

At the end of 2025, only 39 of VARA’s licensed VASPs were classified as fully operational. The regulator is currently validating an updated figure for 2026.

Dubai Outpaces Hong Kong And Singapore

Dubai established VARA in March 2022 as a standalone crypto regulator, part of its broader push to become a global digital asset hub. Its 50 licensed firms now exceed totals in both Hong Kong and Singapore, though each jurisdiction licenses different types of businesses, making direct comparisons imperfect.

Singapore’s Monetary Authority listed 37 major payment institutions authorized for digital payment token services as of Friday, regulating crypto within its broader payments framework rather than through a dedicated VASP regulator. Hong Kong’s Securities and Futures Commission has licensed just 13 virtual asset trading platforms, a narrower category limited specifically to platform operators.

VARA attributed Dubai’s growth to its activity based regulatory framework, noting it also tracks transaction volumes, assets under management, employment figures and audited financials when assessing market activity.