Licensing Status Dashboard — UAE VASP Public Register Tracking

UAE VASP Licensing Status Dashboard

This dashboard consolidates publicly available licensing data from VARA, ADGM, and DFSA public registers, providing practitioners with a market overview of licensed virtual asset operations in the UAE.

VARA Public Register

VARA publishes a list of licensed VASPs on its public register. Licensed entities have completed VARA’s two-step application process (initial application and Full Market Product authorization).

Key Observations:

Licensed entities cover exchange services, broker-dealer services, custody services, and advisory services
License scope varies — some entities hold single-activity licenses while others hold multi-activity authorizations
The public register should be cross-referenced with the enforcement register to distinguish between licensed and enforcement-listed entities

For the VARA licensing process, see our VARA license application guide. For activity scoping, see VARA licensed activities guide.

ADGM Public Register

ADGM maintains public registers for both Registration Authority-registered entities and FSRA-authorized financial services firms. Virtual asset firms appear on the FSRA register with their specific authorized activities.

For the ADGM licensing process, see our ADGM FSP walkthrough. For ADGM setup details, see ADGM registration authority setup.

DFSA Public Register

The DIFC public register lists DFSA-authorized firms, including those authorized for investment token activities.

For the DFSA licensing process, see our DFSA investment token authorization guide.

Market Indicators

Licensing vs. Enforcement Balance: While VARA has issued more than thirty enforcement actions against unlicensed operators, it has simultaneously licensed a growing number of compliant VASPs. This parallel activity demonstrates that VARA is both facilitating legitimate market entry and deterring unlicensed operation. The enforcement register — which includes entities like Vesta Prime Portal (January 2026) and UAEC Digital Fintech (August 2025) — serves as a public deterrent that reinforces the licensing mandate.

Jurisdiction Distribution: Virtual asset firms distribute across VARA (largest share by number), ADGM (growing share, particularly for firms preferring common law jurisdiction and Abu Dhabi presence), and DFSA (smaller share, focused on tokenized securities and investment token activities).

Licensed Activity Categories

Understanding the distribution of licensed activities provides insight into the UAE virtual asset market structure:

Exchange Services: The most common licensed activity, reflecting demand for fiat-to-crypto and crypto-to-crypto exchange services. Exchange licensees are subject to the highest capital requirements and most intensive compliance obligations.

Broker-Dealer Services: Entities facilitating virtual asset transactions on behalf of clients without holding client assets on their own book. Broker-dealer licenses attract lower capital requirements than exchange licenses.

Custody Services: Entities providing safekeeping and administration of virtual assets. Custody licensees face specific technology governance requirements related to private key management, cold storage, and client asset segregation.

Advisory Services: Entities providing investment advice or regulatory advisory services related to virtual assets. Advisory-only licenses attract the lowest capital requirements among licensed activity categories.

Multiple Activities: Some entities hold licenses covering multiple activity categories, reflecting the operational reality that many VASPs offer integrated services spanning exchange, custody, and broker-dealer functions.

For activity scoping guidance, see our VARA licensed activities guide.

Practical Uses for This Dashboard

Practitioners can use licensing status data for several purposes:

Market sizing: Estimating the number and type of licensed competitors in the UAE virtual asset market
Competitive analysis: Understanding which activity categories are most populated and which may present market entry opportunities
Due diligence: Verifying that counterparties, potential partners, or acquisition targets hold valid licenses
Client advisory: Helping clients understand the licensing landscape and position their applications relative to existing licensees
Enforcement cross-referencing: Comparing licensed entities against the enforcement register to identify entities that may have transitioned from unlicensed to licensed status

Licensing Trends and Market Development

The UAE virtual asset licensing landscape has evolved rapidly since VARA began issuing licenses under its Full Market Product framework. Several trends are observable:

Growing VARA register: VARA’s public register has expanded as the authority processes applications through its two-step licensing process. The transition from provisional licensing to the Full Market Product framework has established a more rigorous baseline, with licensed entities required to demonstrate compliance with the comprehensive FMP Regulations published as VARA rulebooks at rulebooks.vara.ae.

ADGM institutional positioning: ADGM has attracted firms seeking the common law legal framework and Abu Dhabi’s business environment. ADGM’s Registration Authority processed entity incorporations while the FSRA conducted financial services authorization, creating a two-layer process. ADGM Academy, launched in partnership with Emirati workforce development initiatives, has invested in building local compliance talent through programs like the Financial Market Pioneers Program launched in November 2025 with the SCA and Sandooq Al Watan.

DFSA selective approach: DFSA maintains the most selective licensing approach, focusing exclusively on investment tokens (tokenized securities) rather than broad virtual asset activities. This results in a smaller register but a more specialized licensee base focused on security token offerings and tokenized fund management.

SCA federal development: The SCA, operating as the Capital Market Authority at the federal level, continues developing implementing regulations for virtual assets under Cabinet Decision No. 111. The SCA reported record growth in January 2026, signaling increased capacity for market development including virtual asset oversight.

How to Access Public Registers

Each regulatory authority maintains publicly accessible registers:

VARA: VARA Public Register — lists licensed VASPs with their activity scope
ADGM: ADGM Public Registers — includes both Registration Authority and FSRA registers
DFSA: Available through the DIFC public register — lists authorized firms with their permitted activities

Practitioners should verify licensing status directly through these registers rather than relying on entity self-reporting, as the 2025 enforcement wave demonstrated that some entities operate and market VA services without holding valid licenses.

For regulatory context, visit UAE Tokenization Regulations and Dubai Tokenisation.