Tribe Tokenisation FZE has received the 50th virtual asset service provider (VASP) licence issued by Dubai’s Virtual Assets Regulatory Authority (VARA), marking a significant regulatory milestone for the tokenisation platform.
Regulatory Milestone
VARA, created under Dubai Law No. 4 of 2022 in March 2022, serves as the emirate’s dedicated crypto regulator. The authority’s launch positioned Dubai among the earliest jurisdictions to establish a standalone regulator for blockchain‑based assets.
The issuance of the 50th licence highlights the rapid expansion of VARA’s licensing regime over the past four years, indicating growing confidence among investors and service providers in the region’s crypto market.
Licensing Framework
VARA operates an activity‑based framework that grants licences to firms directly involved in virtual asset activities, including exchanges, custodians, tokenisation platforms, and staking operators. Each entity must secure a full VASP licence before commencing operations in Dubai.
Companies that receive only an in‑principle approval are prohibited from launching services until they obtain the complete licence, ensuring that all market participants meet stringent regulatory standards.
Implications for the Crypto Market
While the total number of licences reflects the size of Dubai’s regulatory ecosystem, it does not guarantee that all licensed firms are actively trading. VARA notes that holding a licence does not automatically equate to a commercial launch.
Newly licensed entities typically undergo a controlled operationalisation phase, during which they must satisfy compliance checks before onboarding customers, thereby safeguarding investors and reinforcing market stability.