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, several entities have been granted licenses to operate, each contributing uniquely to the burgeoning digital 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 digital asset ecosystem. Here is a comprehensive list of the licensed VASPs and their primary activities:

Licensed VASPs in Dubai:

Exchange Services

OKX Middle East Fintech FZE (Licence Issued: 11/01/2024, Status: Pending)
Trek Labs Ltd FZE trading as Backpack Exchange (Licence Issued: 29/10/2023, Status: Active)
TOKO FZE (Licence Issued: 10/09/2023, Status: Active)
Binance FZE (Licence Issued: 20/06/2023, Status: Active)

Broker-Dealer Services

Fasset FZE (Licence Issued: 28/11/2023, Status: Active)
CoinMENA FZE (Licence Issued: 28/11/2023, Status: Active)
GC Exchange (GCEX) FZE (Licence Issued: 16/11/2023, Status: Active)
Morpheus Software Technology (FUZE) FZE (Licence Issued: 16/11/2023, Status: Active)
TOKO FZE (Licence Issued: 10/09/2023, Status: Active)
Laser Digital Middle East FZE (Licence Issued: 27/07/2023, Status: Active)
BitOasis Technologies FZE (Licence Issued: 11/04/2023, Status: Non Operational)

Custody Services

Hex Trust MENA FZE (Licence Issued: 14/11/2023, Status: Active)
Komainu MEA FZE (Licence Issued: 17/08/2023, Status: Active)

Management and Investment Services

Web 3 Innovations (AYA) FZE (Licence Issued: 11/12/2023, Status: Pending)
Nine Blocks Capital Management FZE (Licence Issued: 20/11/2023, Status: Active)
Laser Digital Middle East FZE (Licence Issued: 27/07/2023, Status: Active)

MVP Preparatory Status

Bybit Fintech FZE (Licence Issued: 25/06/2023, Status: Pending)
CRO DAX Middle East (Crypto.com) FZE (Licence Issued: 02/04/2024, Status: Active)

MVP Operational Status

Binance FZE (Licence Issued: 20/06/2023, Status: Active)
BitOasis Technologies FZE (Licence Issued: 11/04/2023, Status: Non Operational)

This list 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," "Pending," or "Non Operational." This status reflects the entity's current operational capacity within the regulatory guidelines established by Dubai's authorities.

Active: VASPs that are fully operational and compliant with regulatory requirements.
Pending: Entities in the process of meeting the necessary regulatory standards.
Non Operational: Licensed VASPs that are not currently offering services.

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.

Last Updated: April 12, 2024