Dubai’s Virtual Assets Regulatory Authority (VARA) has issued its 50th virtual asset service provider (VASP) license to Tribe Tokenisation FZE, a platform that tokenizes assets. VARA said a license does not indicate that a firm has launched commercial operations, and new licensees may undergo a controlled period before offering services or onboarding customers. At the end of 2025, VARA classified 39 licensed VASPs as fully operational and is reviewing an updated number for 2026. Dubai created VARA in March 2022 as a dedicated crypto regulator to attract digital asset businesses through a standalone licensing framework. The 50 licensed entities exceed the counts reported in Hong Kong and Singapore, though each jurisdiction licenses different types of firms. Singapore’s Monetary Authority listed 37 payment institutions authorized for digital payment token services, while Hong Kong’s Securities and Futures Commission listed 13 licensed virtual asset trading platforms. The VARA spokesperson said the market’s growth reflects an activity‑based regulatory approach and a broader financial ecosystem, and that assessments also consider transaction volume, assets under management, employment and audited financial data.