Tokenisation fuels Dubai’s virtual asset growth, says regulator

• 50 companies and more to come
• Shift from crypto to infrastructure
• Blockchain enters traditional finance

Dubai’s virtual assets regulator has fully licensed 50 companies and expects another 20 to become operational in the coming months, as tokenisation powers a new phase of growth in the emirate’s digital asset sector.

Applications linked to stablecoins and the tokenisation of real-world assets are generating the strongest interest from firms seeking licences, according to Dubai’s regulator. Stablecoins are cryptocurrencies with value tied to fiat currencies such as the US dollar or dirham, which is itself pegged to the dollar.

This change signals a shift beyond crypto trading and exchanges towards blockchain-based financial infrastructure.

The emirate’s Virtual Assets Regulatory Authority (Vara), established in 2022, said Dubai had become “a significant, if not the largest player under one roof” in the global virtual assets industry.

“[Tokenisation] is really where we see at the moment the most activity from the applications that we are receiving as a regulator,” said Paul Boots, senior director and head of sector development at Vara. “How do you create efficiencies? How do you make trade more cost effective?”

The trend suggests Dubai’s virtual asset sector is evolving beyond trading platforms towards the use of blockchain infrastructure in traditional finance, commodities and capital markets.

Virtual asset transaction volumes across regulated entities were almost AED2.5 trillion ($680 billion) in 2025, according to the Dubai Government Media Office. The 50th licence was issued to Tribe Tokenisation FZE, a Dubai-based platform that allows investors to buy fractional interests in UAE real estate through blockchain-based digital tokens.

Industry executives say the technology could also widen access to investment products by allowing investors to buy smaller stakes in assets that have traditionally been available only to institutional or wealthy investors.

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“The ability to actually buy an amount you can afford and legally do that on-chain is going to open up lots of new capital,” said Scott Thiel, chief executive of Dubai-based blockchain infrastructure company Tokinvest.

Dubai has sought to establish itself as a regulated centre for digital assets, attracting industry names including Binance, OKX and Crypto.com, while competing with financial centres such as Singapore and Hong Kong.