stable coins
By Bruce Buterin
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50 Licenses, 39 Live Firms. Getting a VARA license isn't the finish line. It's kind of the starting gun.
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Why the Operational Gap Matters. Eleven firms licensed but not yet operational. That number is worth sitting with.
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What VARA's Framework Is Actually Built For. The regulatory structure VARA runs isn't just about keeping bad actors out, though that's part of…
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Dubai just hit a number that matters. The emirate's Virtual Assets Regulatory Authority — VARA — has issued its 50th license to a cryptocurrency firm, a milestone that puts the…
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But here's the catch. By the end of 2025, only 39 of those licensed Virtual Asset Service Providers, or VASPs, were actually up and running.
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Getting a VARA license isn't the finish line. It's kind of the starting gun. Firms still have to clear compliance requirements, build out local infrastructure, hire teams, and…
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The licensing process itself is central to what Dubai's been building. VARA runs a structured framework designed to pull in digital asset businesses from around the world while…
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The 50-license mark didn't arrive overnight. Dubai has been steadily refining its regulatory procedures as more firms apply, adjusting the framework to handle the volume and…
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Eleven firms licensed but not yet operational. That number is worth sitting with. For some of those companies, the delay is probably just logistics — getting offices set up,…
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See also: 80% of European Crypto Firms Face MiCA Deadline Without Licenses
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What's clear is that the licensing pipeline stays active. New firms are still coming in, still seeking approval, still betting that Dubai is the right place to build a crypto…
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Stablecoin adoption, crypto trading volumes, and institutional interest in digital assets have all grown sharply across the Gulf and broader Asia-Pacific region in recent years.
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Dubai's broader vision ties directly to this. The emirate wants to be a central hub for financial technology innovation, and digital assets are a core piece of that.
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See also: Australias Crypto Licensing Deadline Pushed to September 30 for Hundreds of Firms
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And the pipeline keeps moving. More firms are expected to seek licenses under VARA's regime as the market develops.
The Currency Analytics
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