As of February 2026, VARA's Public Register lists 507 licensed Virtual Asset Service Providers managing combined assets exceeding $25 billion. These range from global exchanges to specialized custody providers, DeFi platforms, and advisory firms.
| Company | License Type | HQ in Dubai | Activities |
|---|---|---|---|
| Binance FZE | Full VASP | DIFC | Exchange, custody, payments |
| OKX Middle East | Exchange + Custody | DMCC | Exchange, custody, wallet |
| Bybit FinTech FZE | Full Operational | DWTC | Exchange, P2P, derivatives |
| Crypto.com MENA | Exchange + Payments | DMCC | Exchange, crypto cards |
| BitOasis | Full VASP | DMCC | Regional exchange |
| Rain | VASP | DMCC | MENA-focused exchange |
| Backpack Exchange | VASP | Various | Exchange |
| Gate.io | In-Principle | — | Exchange |
| HashKey | In-Principle | — | Exchange |
The 507 licensed VASPs span far beyond exchanges. Categories include custody and wallet providers (institutional-grade storage solutions), lending and borrowing platforms, payment processors (including crypto card issuers like Crypto.com), advisory and management firms, token issuance platforms, and the new Sponsored VASP entities operating under Regulated Sponsors.
Always verify a company's license status before transacting. Visit VARA's Public Register and search by legal entity name. The register shows license type, authorized activities, date of issuance, and registered address. Note that In-Principle Approval (IPA) is a conditional step — not a full license. Only fully licensed VASPs may offer services to clients.
Sources: VARA Public Register, Dubai Media Office. See Disclaimer.
VARA's growth from zero licensed entities in March 2022 to 507 in February 2026 represents one of the fastest regulatory ecosystem buildouts in financial services history. The trajectory accelerated dramatically after Binance's full VASP license announcement at Token2049 Dubai, which served as a credibility signal for hundreds of smaller operators. By category, exchange services represent the largest licensed segment, followed by custody providers, broker-dealers, advisory firms, and the new Sponsored VASP entities.
VARA's Public Register distinguishes between fully licensed VASPs and those holding In-Principle Approval (IPA). An IPA is a conditional step allowing applicants to complete final requirements — it is not authorization to offer services to clients. Companies with IPA status are still completing Stage 2 requirements: personnel accreditation, technology assessments, capital verification, and operational readiness demonstrations. Always verify that a provider holds a full VASP license, not just IPA, before transacting.
The 507 licensed VASPs span diverse sectors beyond traditional cryptocurrency exchange. Categories include: institutional custody and cold storage providers, DeFi lending and borrowing platforms, crypto payment processors and card issuers, investment management and advisory firms, token issuance platforms, NFT marketplace operators, mining and staking service providers, and blockchain infrastructure companies. This breadth of licensed activity reflects Dubai's ambition to host the complete virtual asset value chain.
The 507 licensed VASPs have created an estimated 12,000+ direct jobs in Dubai, spanning software engineering, compliance, legal, operations, marketing, and executive leadership. Indirect employment in supporting services — law firms, accounting firms, recruitment agencies, office leasing, hospitality — multiplies this impact significantly. VARA-licensed companies occupy premium office space across DIFC, DMCC, DWTC, and other free zones, contributing to commercial real estate demand. The average salary for crypto professionals in Dubai exceeds $120,000 annually, with senior compliance and engineering roles commanding $200,000+. This concentration of high-income professionals drives consumer spending across Dubai's economy.
Based on current licensing velocity, VARA could reach 750-1,000 licensed VASPs by the end of 2027. Growth drivers include: the Sponsored VASP model lowering barriers for smaller entrants, continued regulatory uncertainty in the US and EU pushing companies toward Dubai, expanding activity categories (DeFi, NFTs, tokenized securities), and the D33 Economic Agenda's explicit support for digital asset growth. For the ecosystem, scale creates network effects — more licensed companies mean better infrastructure, deeper talent pools, and more comprehensive service coverage.
The composition of VARA's licensed ecosystem is diversifying beyond traditional exchange and custody services. Emerging categories include DeFi lending and borrowing platforms, NFT marketplace operators, tokenization platforms issuing ARVAs, advisory firms specializing in institutional crypto allocation, and the new Sponsored VASP entities operating under Regulated Sponsors. This diversification reflects the maturing of Dubai's crypto ecosystem from a trading-focused hub to a comprehensive digital asset services centre covering the full value chain from issuance to custody to advisory to secondary market trading.
Before engaging any Dubai-based crypto service provider, verify: full VASP license status (not just IPA) on VARA's Public Register, specific authorized activities matching the services you need, the company's registered address and operational presence in Dubai, published fee schedules and trading terms, client asset segregation and insurance disclosures, and complaint resolution procedures. For institutional engagements, request proof of compliance audits, cybersecurity certifications, and insurance coverage documentation directly from the VASP.
With 507 licensed VASPs competing for market share, Dubai has developed one of the world's most competitive crypto markets. This competition benefits consumers through lower fees, better user interfaces, more product innovation, and stronger compliance practices. For new entrants, the competitive landscape demands differentiation through specialized services, superior technology, niche market focus, or innovative product structures. Generic exchange services face intense competition from established players like Binance and OKX. Companies entering the market should identify underserved segments where their specific expertise, technology, or network creates a defensible advantage.