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Featured: how ADGM regulates virtual assets, from its 2018 framework to stablecoins and staking

Middle East

UAE

Three layers, four regimes: federal rules from the CMA and the Central Bank, Dubai's VARA with 58 licensed firms, and the ADGM and DIFC free zones.

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Licences

What it takes to operate in the UAE: 6 licences, who issues each, what it covers and who holds one.

Licences over time

New licences each year, those cancelled, revoked or surrendered, and how many hold one.

Hold a licence now
21
New in 2026 so far
+4
Cancelled in 2026 so far
−3

Partial record. Financial Services Permission dates from the FSRA register for the 28 firms it tags with Virtual Assets activities (for Standard Chartered Bank, the date its virtual asset custody-arranging activity took effect), plus AC Limited (Hayvn), whose permission the FSRA cancelled in April 2025; withdrawals are the register's withdrawal dates. Binance (AD) Limited's permission ended on 8 December 2025 when the company became Nest Clearing and Custody Limited, a Recognised Clearing House. Partial record: firms whose register entries list no regulated activities, such as Nest Trading Limited and M2 Custody Limited, cannot be dated and are not counted. From the official register and the regulator's notices, read 13 Oct 2026.

See the numbers
YearNewCancelledHolders
2026 so far+4−321
2025+5−420
2024+7−119
2023+5–13
2022+3–8
2021+2–5
2020+2–3
2019+1–1

UAE Federal (onshore) Federal

CMA virtual asset service provider licence

CMA · Federal Decree-Law No. 33 of 2025; CMA Resolution No. (04/Chairman) of 2026

Virtual asset dealing, custody, arranging, advice, portfolio management and operating a trading facility on the mainland and in non-financial free zones outside Dubai.

What it takes
  • Eight separately regulated activities under five modules, including an alternative trading system module
  • A virtual asset must be registered with the CMA before it is traded
  • Existing firms have until 1 January 2027 to adjust their status, extendable by the CMA Board
  • Firms licensed by VARA can be registered by default with the CMA to serve the rest of the UAE
No public count

CBUAE Payment Token Services licence (dirham payment token issuance)

CBUAE · Payment Token Services Regulation (Circular No. 2/2024); Federal Decree-Law No. 6 of 2025

Issuing dirham payment tokens for payments onshore, plus payment token conversion, custody and transfer, and registration of foreign payment tokens.

What it takes
  • Initial capital of AED 15 million for an issuer, plus capital linked to the tokens in circulation
  • Reserves held in segregated escrow accounts at UAE banks and reconciled daily
  • Central Bank acceptance of a white paper before tokens are offered to the public
  • Redemption at par, and no interest paid to holders

Holders include

  • AED StableCoin L.L.C - S.P.C (AE Coin)
  • Zand Trust L.L.C S.O.C (Zand AED)
  • AEDC Stable Coin-L.L.C (DDSC)
3holders, Aug 2026Register

Abu Dhabi Global Market (ADGM) Financial free zone

FSRA Financial Services Permission for virtual asset activities

FSRA · ADGM Financial Services and Markets Regulations 2015; FSRA Rulebook (COBS Chapter 17); Guidance – Regulation of Virtual Asset Activities in ADGM

Operating a Multilateral Trading Facility, Providing Custody, Dealing in Investments as Principal or as Agent, Arranging Deals in Investments, Advising on Investments or Credit and Managing Assets, in relation to Accepted Virtual Assets in ADGM. Firms with Providing Custody or Managing Assets permissions may also stake clients' virtual assets (since 29 April 2026).

What it takes
  • Only Accepted Virtual Assets may be used: each firm assesses a virtual asset against the FSRA's criteria and notifies the FSRA at least five business days before using it
  • Privacy tokens and algorithmic stablecoins are prohibited
  • Capital under the FSRA's prudential rules in line with the same activity in traditional assets; virtual asset custodians hold the higher of USD 250,000 or six months' audited expenditure, and trading facilities six months' operating expenses plus a buffer of up to six months
  • Regulatory business plan, approved persons, a physical presence in ADGM and a commercial licence from ADGM's Registration Authority
  • Technology governance, segregation of client assets and AML/CFT controls set out in the FSRA's virtual asset guidance

Holders include

  • eToro (ME) Ltd
  • Laser Digital (AD) Limited
  • Zodia Markets (AME) Limited
  • Paxos Middle East Ltd
  • Rain Trading Limited
  • Standard Chartered Bank
  • Sygnum Bank AG
  • AMINA Bank AG
21holders, 13 Oct 2026Register

FSRA permission for Issuing a Fiat-Referenced Token

FSRA · ADGM Financial Services and Markets Regulations 2015 and FSRA Rules on Fiat-Referenced Tokens (December 2024, amended with effect from 1 January 2026)

Issuing from ADGM a stablecoin referenced to a single fiat currency and backed by high-quality liquid assets in that currency.

What it takes
  • Reserve assets in the reference currency, segregated and sufficient to redeem at par
  • A separate Regulated Activity from dealing or custody, with its own capital requirements and fees
  • Disclosure, audit and regular attestation of reserves
  • Other ADGM firms may use only fiat-referenced tokens accepted by the FSRA

Holders include

  • Paxos Issuance MENA Ltd
  • Universal Digital INTL Limited (USDU)
  • Jingdong CoinLink Technology (Middle East) Limited
3holders, 13 Oct 2026Register

Dubai (VARA) Emirate

VARA Virtual Asset Service Provider (VASP) licence

VARA · Dubai Law No. 4 of 2022; Virtual Assets and Related Activities Regulations 2023; VARA rulebooks

Advisory, broker-dealer, custody, exchange, lending and borrowing, management and investment, and transfer and settlement services, plus Category 1 token issuance, in or from Dubai outside the DIFC.

What it takes
  • In-principle approval first, which does not permit operating, then a single VASP licence listing each authorised activity
  • Paid-up capital for each activity, from AED 100,000 for advisory to the higher of AED 1.5 million or 25% of annual fixed overheads for an exchange that does not use a VARA-licensed custodian
  • Compulsory rulebooks on company governance, compliance and risk management, technology and information, and market conduct
  • Reserve assets equal to 100% of client liabilities, held one-for-one in the same asset, reconciled daily and independently audited at least every six months
  • The licence states which client classes (retail, qualified, institutional) the firm may serve

Holders include

58holders, 13 Oct 2026Register

Dubai International Financial Centre (DIFC) Financial free zone

DFSA licence for Crypto Token services

DFSA · DIFC Regulatory Law and the DFSA Rulebook crypto token rules (in force 1 November 2022, revised 12 January 2026)

Operating a trading facility, dealing, arranging, advising, managing assets or funds, and providing custody involving crypto tokens in or from the DIFC, for professional clients and, with added safeguards, retail clients.

What it takes
  • Firm-led, documented suitability assessment of every crypto token, with the list of tokens assessed as suitable published
  • Fiat crypto tokens may be used only once the DFSA has found them suitable (USDC, EURC and RLUSD)
  • Retail clients only after an appropriateness assessment, with no credit or trading incentives; lending and staking for professional clients only
  • Capital set by the firm's prudential category (1, 2, 3A to 3D, 4 or 5)
  • Privacy tokens and algorithmic tokens prohibited
No public countRegister

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