Dubai's Virtual Assets Regulatory Authority granted its 50th cryptocurrency license, according to Cointelegraph, expanding the emirate's licensed ecosystem. The milestone arrives as a reminder that regulatory approval does not equal market readiness: only 39 of those licensed VASPs were actually operational by the end of 2025.
The 11-firm gap between licensed and live operators suggests friction in the path from approval to go-live. Firms may be working through operational compliance, technical infrastructure, or staffing before handling customer assets. VARA does not typically disclose why a licensed entity remains dormant, making it hard to judge whether delays are routine setup lag or signs of deeper trouble.
Dubai's regulatory framework, overseen by VARA since 2022, has positioned the emirate as a destination for crypto compliance. The licensing regime requires applicants to prove governance, AML systems, custody safeguards, and capital reserves before approval. The 50-firm threshold reflects steady appetite from exchanges, custodians, and trading platforms willing to meet those standards.