VARA in Dubai grants in principle licenses to three new VASPs
Dubai’s Virtual Assets Regulatory Authority (VARA) has granted In-Principle Approvals (IPAs) to three additional virtual asset firms, further expanding the pipeline of companies seeking to establish regulated digital asset operations in the emirate. This brings the total number of in principle approved crypto brokers and exchanges to 22.
The newly approved applicants include WEXID Exchange FZE, which received an IPA for Exchange Services on September 22, 2026, under reference IPA/26/09/005. The company is understood to be linked to South Korea’s WEXID digital asset platform, highlighting continued interest from Asian crypto firms looking to establish a presence in the UAE’s regulated virtual asset market.
VARA also issued In-Principle Approvals to IG Digital FZE and CLDN Broker Dealer FZE for Broker-Dealer Services. IG Digital received approval on September 17, 2026 under reference IPA/26/09/003, while CLDN Broker Dealer secured its approval on September 15, 2026 under reference IPA/26/09/004.
The approvals mark a significant milestone in VARA’s licensing process. An IPA indicates that an applicant has achieved an advanced stage of regulatory review and may proceed toward meeting the remaining operational, governance and compliance requirements necessary for obtaining a full Virtual Asset Service Provider (VASP) licence.
The latest approvals also provide a snapshot of the continued growth of Dubai’s regulated virtual asset sector. With the addition of WEXID, IG Digital and CLDN Broker Dealer, the total number of firms that have received In-Principle Approvals for crypto brokerage or exchange activities has reached 22.
Should all of these firms ultimately progress to full licensing, they would join the 45 crypto broker-dealers and exchanges that have already secured licenses from VARA, bringing the combined total of licensed and in-principle-approved brokerage and exchange operators in Dubai to 67 firms.
The figures underscore the maturity of Dubai’s digital asset ecosystem, which has attracted exchanges, broker-dealers, custodians and infrastructure providers from across Asia, Europe, the Middle East and North America. The arrival of South Korean player WEXID is particularly notable, reflecting the growing role of Dubai as a gateway between Asian digital asset markets and the Middle East.
Exchange operators and broker-dealers remain among the most strategically important participants in the virtual asset ecosystem. Exchanges provide the trading venues and liquidity infrastructure that underpin market activity, while broker-dealers serve as intermediaries that facilitate access to virtual asset markets for retail, professional and institutional investors.
As VARA continues to expand its roster of approved and licensed firms, the regulator’s structured licensing framework is increasingly being viewed as a benchmark for virtual asset supervision globally. The latest approvals signal that demand for regulated market access in Dubai remains strong, reinforcing the emirate’s ambition to position itself as a leading international hub for digital assets and blockchain innovation.
With their In-Principle Approvals now secured, WEXID Exchange FZE, IG Digital FZE and CLDN Broker Dealer FZE will move to the next phase of VARA’s regulatory process as they work toward obtaining full authorisation to offer exchange and broker-dealer services in Dubai.
