Dubai Virtual Asset Authority grants new crypto license to RELM subsidiary XBASE

Amidst the ongoing situation in the Middle East, The Dubai Virtual Assets Authority is still moving full steam ahead, and has granted Xbase Virtual Assets Broker & Dealer Services LLC, part of of the RELM a virtual asset service provider license allowing it to offer crypto brokerage services.

As per the license, XBase, one of the subsidiaries of RELM group will be able to offer spot OTC trading to institutional and qualified investors. The license unlike others is active and not just issued.

XBASE had received their In principle approval in October of 2025. At the time RELM had noted that the approval reinforced their commitment to building a secure transparent, and fully regulated digital asset ecosystem in one of the most forward-thinking markets in the world.

In an opinion piece, Zeeshan Uppal CEO of RELM, noted that disruption without compliance is unsustainable. If digital assets are to gain trust and achieve broad adoption, compliance-first infrastructure is not optional. It is the only foundation on which our industry can scale.

He explained, “That is why firms like ours are pursuing a “reg first, compliance first” approach, even when it slows progress. Building relationships with regulators and banking partners – ensuring our infrastructure meets the requirements of both worlds – is how we bridge the divide between traditional finance and Web3. It is slower, yes, but it is more importantly sustainable.”

Speaking on the license in a recent press release Uppal noted, “Receiving our full VARA VASP license is a major milestone for Relm and a clear validation of our compliance-first approach. The UAE has set a global benchmark for regulating digital assets, with clarity, rigor, and ambition. VARA’s framework gives institutions the confidence to deal with digital assets at scale, and we are proud to be part of that ecosystem as a fully licensed broker-dealer.”

“Dubai continues to lead the future of digital trade by creating a setting where innovation and regulation move together. This license allows Relm to support enterprises, corporations, funds, and family offices with secure, transparent, and institution-grade access to digital asset markets, without regulatory uncertainty.”, he added.

XBASE sought to have a Fully compliant, multi-jurisdictional licensing, secure and confidential OTC trade execution tailored for institutions and clients worldwide.

XBASE was able to receive its license with the support of The Private Office of Sheikh Ahmed bin Faisal Al Qassimi for Consultancy and Project Development, CFC MENA which offers crypto and fintech consultancy services and Virtual Assets Regulatory Authority [VARA].

RELM has already executed over $1 billion in total trades for large order crypto and fiat trading, payments under its Trade Fluidity ecosystem. RELM boasts of deep liquidity as its aims to make crypto accessible to merchants across all market sectors and industries.

RELM currently offers access to 140 fiat currencies and all major cryptocurrencies. Through its unified ecosystem, RELM is working to bridge the gap between traditional finance and digital assets, offering merchant services, payment acceptance, and OTC trading within a compliance-first framework.

Dubai’s Virtual Assets Regulatory Authority has issued to date over 43 VASP licenses ranging from crypto brokers, to exchanges, to investment management, crypto custody and more.

Updated April 1st 2026