Dubai's dynamic approach towards innovation and technology has made it a hub for Virtual Asset Service Providers (VASPs), offering a range of services from exchange platforms to custodial services. As of the latest registry, many entities have been granted licenses to operate, each contributing uniquely to the virtual asset ecosystem in the region. The landscape of virtual assets in Dubai is supported by a myriad of VASPs, each licensed to offer specific services within the virtual asset ecosystem. Here is a comprehensive list of the licensed VASPs and their primary activities:
Dubai Virtual Asset Service Providers:
Exchange Services
| VASP Name |
Licence Issued |
Status |
| Binance FZE |
April 16, 2024 |
Active |
| CRO DAX Middle East (Crypto.com) FZE |
April 2, 2024 |
Active |
| Deribit |
March 25, 2024 |
Pending |
| OKX Middle East Fintech FZE |
January 11, 2024 |
Pending |
| Trek Labs Ltd FZE trading as Backpack Exchange |
October 29, 2023 |
Active |
| TOKO FZE |
September 10, 2023 |
Active |
Broker-Dealer Services
| VASP Name |
Licence Issued |
Status |
| Binance FZE |
April 16, 2024 |
Active |
| BitOasis Technologies FZE |
April 11, 2023 |
Active |
| CRO DAX Middle East (Crypto.com) FZE |
April 2, 2024 |
Active |
| CoinMENA FZE |
November 28, 2023 |
Active |
| Fasset FZE |
November 28, 2023 |
Active |
| GC Exchange (GCEX) FZE |
November 16, 2023 |
Active |
| Laser Digital Middle East FZE |
July 27, 2023 |
Active |
| Morpheus Software Technology (FUZE) FZE |
November 16, 2023 |
Active |
| TOKO FZE |
September 10, 2023 |
Active |
| Aquanow ME FZE |
February 7, 2024 |
Pending |
| HT Markets MENA (Hex Trust) FZE |
April 25, 2024 |
Pending |
| WPME Technology (WadzPay) LLC |
April 25, 2024 |
Pending |
Custody Services
| VASP Name |
Licence Issued |
Status |
| Hex Trust MENA FZE |
November 14, 2023 |
Active |
Custody Services Including Staking
| VASP Name |
Licence Issued |
Status |
| Komainu MEA FZE |
August 17, 2023 |
Active |
Management and Investment Services
| VASP Name |
Licence Issued |
Status |
| Binance FZE |
April 16, 2024 |
Active |
| CRO DAX Middle East (Crypto.com) FZE |
April 2, 2024 |
Active |
| Laser Digital Middle East FZE |
July 27, 2023 |
Active |
| Nine Blocks Capital Management FZE |
November 20, 2023 |
Active |
| Aquanow ME FZE |
February 7, 2024 |
Pending |
| Web 3 Innovations (AYA) FZE |
December 11, 2023 |
Pending |
MVP Preparatory Status
| VASP Name |
Licence Issued |
Status |
| Bybit Fintech FZE |
June 25, 2023 |
Pending |
MVP Operational Status
| VASP Name |
Licence Issued |
Status |
| BitOasis Technologies FZE |
April 11, 2023 |
Active |
This list of VASPs in Dubai highlights Dubai's commitment to fostering a regulated yet thriving environment for virtual asset service providers. Each entity is at a different stage of its operational lifecycle, from those actively offering services to others still in preparatory phases. The diversity of services ensures a comprehensive ecosystem, catering to various needs within the digital assets space, from trading and investment to secure custody solutions. As the regulatory landscape evolves, these providers play a crucial role in shaping the future of finance in the region and beyond.
Licence and Status Status
Dubai's regulatory environment ensures that each VASP operates within a framework designed to promote security, compliance, and innovation. The VASPs listed above have been granted licenses across various dates with operational statuses indicated as active or pending This status reflects the entity's current operational capacity within the regulatory guidelines established by Dubai's VARA.
- Active: VASPs that are fully operational and compliant with regulatory requirements.
- Pending: Entities in the process of meeting the necessary regulatory standards.
Virtual Asset Service Providers in Dubai
Dubai's approach to regulating Virtual Asset Service Providers is a testament to its vision of becoming a leading digital asset hub. By fostering a regulated ecosystem, Dubai not only ensures a secure environment for digital transactions but also encourages innovation and growth within the virtual asset industry. The diverse services offered by these licensed VASPs underscore Dubai's commitment to supporting the evolving needs of the digital economy, positioning the city as a pivotal player in the global digital asset landscape.
