VARA to add new VASPs to its regulatory enclave

The UAE crypto and digital asset scene is about to see a boom, as Dubai’s Virtual Asset Regulatory Authority continues to add new VASPs to the list of in principle approved entities as it builds is licensed Virtual asset market. As per VARA, Dubai is now standing as the world’s single largest licensed VA market, with nearly $680 billion in regulated transaction volumes recorded in 2025.

VARA Dubai has added four new VASP names to the list of in-principle approvals, all four are in the crypto brokerage sectors, Daman Virtual Asset Brokerage, Zeply Global ME FZCO, Tribe Tokenisation FZE, and Nawy Shares, or SmartCrowd.

On LinkedIn, Daman Virtual, notes that it is a pioneering digital asset firm based in Dubai, delivering secure, compliant, and institutional-grade solutions for the next era of finance. It states, ” We provide merchants, professional traders, and enterprise partners with robust infrastructure to access, manage, and integrate digital assets at scale.”

It is a subsidiary of Daman Securities, a brokerage firm operating since 1998 as part of the Gargash Group. It clearly notes on its page that it is currently not licensed or regulated by the Virtual Assets Regulatory Authority (VARA) and is not permitted to offer or promote Virtual Asset services in or from the Emirate of Dubai.)

On another front, Zeply GLobal is actually Deus X Pay. On Deus X Pay website it explains that it is operating under the legal entity Zeply Global ME FZCO and is in-principally licensed as a Virtual Asset Service Provider (VASP) by the Virtual Asset Regulatory Authority (VARA) in Dubai to provide broker-dealer services and advisory services.

Deus X Pay allows users to accept cryptocurrency transactions, deposits and withdrawals, seamlessly converting them into traditional currencies such as USD, EUR or AED. Alternatively, they can opt for a crypto-to-crypto swap or retain their funds in cryptocurrency for trading.

In May 2025, Deus X Pay, a licensed institutional stablecoin payment solution in Lithuania, announced that it was enabling crypto payments for property purchases at the new Trump Tower Dubai, the first Trump International Hotel to be built in the Middle East.

Finally there is SmartCrowd which has been working in the crowd funding space for real estate in the region since 2018, seems to be entering the digital asset era with the request for a crypto brokerage license. In May 2025, e&-backed Nawy based in Egypt, acquired a majority stake in SmartCrowd, and this is reflected in the license information. The acquisition of SmartCrowd strengthened Nawy’s bid to become the definitive PropTech leader across the Middle East and Africa. It followed Nawy’s $52 million, Series A fundraising.

This comes a week after VARA also added, Vancelian, and Amber to the list of in-principle licensed VASPs.