The Virtual Assets Regulatory Authority (VARA), Dubai’s crypto regulator, has granted its 50th virtual asset service provider (VASP) license.

On Monday, VARA said its latest approval went to tokenized assets platform Tribe Tokenisation FZE.

The milestone provides one measure of the growth of Dubai’s crypto licensing regime, though license totals alone do not show how many firms are operational or the level of business they generate.

A VARA spokesperson told Cointelegraph that holding an active license does not necessarily mean a firm has completed its commercial launch. Newly licensed companies may go through a controlled operationalization period before offering services or onboarding customers.

At the end of 2025, VARA classified 39…