Stablecoins
How United Arab Emirates treats stablecoins.
Dirham Payment Token regime under CBUAE; virtual asset activity licensed separately by VARA (Dubai), ADGM FSRA and DFSA in the financial free zones, and by the CMA federally.
What each regime asks for
Requirements.
ADGM custody
ADGM FSRA
USD 250,000
Or six months of audited annual expenditure, whichever is higher.
Decision6 to 12 months
Reserve ruleFor fiat-referenced tokens: 100% backing, segregated
Foreign firmsADGM incorporation or a branch, with local substance and a resident senior executive officer
Dubai VARA FRVA
VARA
AED 1,500,000
Plus 2% of the available supply of the token. VARA rulebook, Section F.
To applyAED 100,000
Each yearAED 200,000
Decision3 months to 2 years
Reserve rule100% backing in the referenced currency, segregated, monthly attestation, redemption in one business day
Foreign firmsMust incorporate in Dubai, mainland or a free zone other than DIFC
UAE CMA dealing
CMA
AED 4,000,000
Or 25% of annual expenses, whichever is greater. 35% if holding client assets. Decision 04 of 2026, Article 21.
Foreign firmsA UAE-registered entity is required. Excludes ADGM and DIFC.
UAE CBUAE
CBUAE
AED 15,000,000
Plus 0.5% of tokens outstanding, or 2% under the alternative reserve track. Article 13 of the Payment Token Services Regulation.
Reserve rule100% in the referenced currency, segregated at approved institutions
Foreign firmsForeign issuers may register without full UAE incorporation. Algorithmic stablecoins are prohibited.
Dubai VARA exchange
VARA
capital not published
Set per activity in the VARA Company Regulation; figure not verified
To applyAED 100,000
Each yearAED 200,000
Decision3 months to 2 years
Foreign firmsDubai incorporation required
What's due
Dates in United Arab Emirates.
16 Sep 2026
Federal Decree-Law No. 6 of 2025, Article 184, one-year reconciliation period ends
Every person and agency subject to the law must reconcile its position with the law's requirements, including the provisions on payment tokens and virtual assets, one year from entry into force on 16 September 2025.
13 Feb 2027
Resolution 04 of 2026, Business Regulation and ATS modules, transition ends
Existing federally licensed virtual asset service providers have one year from 13 February 2026 to reach full compliance with the Business Regulation module covering client classification, suitability, conduct, AML integration and record keeping, and with the Alternative Trading System module.
Licences
Who holds what in United Arab Emirates.
Every row links to the regulator's own entry.
| Company | Regulator | Licensed for | Granted | Source |
|---|---|---|---|---|
| AMINA Bank AG unconfirmed | ADGM-FSRA | Financial Services Permission, virtual assets | 01 Feb 2022 | register ↗ |
| Aspen Digital Financial Limited unconfirmed | ADGM-FSRA | Financial Services Permission, virtual assets | 01 Dec 2024 | register ↗ |
| BTCS (Middle East) Ltd unconfirmed | ADGM-FSRA | Financial Services Permission, virtual assets | 01 Jul 2026 | register ↗ |
| Beam Ventures Ltd unconfirmed | ADGM-FSRA | Managing a Collective Investment Fund | 01 Jan 2026 | register ↗ |
| Bitexen Custody Ltd unconfirmed | ADGM-FSRA | Providing Custody | 01 May 2026 | register ↗ |
| Bitexen MENA Ltd unconfirmed | ADGM-FSRA | Operating a Multilateral Trading Facility | 01 May 2026 | register ↗ |
| BurjX MENA Ltd unconfirmed | ADGM-FSRA | Financial Services Permission, virtual assets | 01 Jun 2025 | register ↗ |
| Changer.ae Limited unconfirmed | ADGM-FSRA | Financial Services Permission, virtual assets | 01 Sep 2023 | register ↗ |
| Circle Internet MEA Ltd stablecoin unconfirmed | ADGM-FSRA | Arranging Deals in Investments, Providing Money Services | 01 Nov 2025 | register ↗ |
| Copper Securities (ME) Limited unconfirmed | ADGM-FSRA | Financial Services Permission, virtual assets | 01 Apr 2022 | register ↗ |
| Jingdong Coinlink Technology (Middle East) Limited stablecoin unconfirmed | ADGM-FSRA | Issuing a Fiat-Referenced Token | 01 Jan 2026 | register ↗ |
| Maerki Baumann & Co. Ltd. (ADGM Branch) unconfirmed | ADGM-FSRA | Financial Services Permission, virtual assets | 15 Jan 2026 | register ↗ |
| eToro (ME) Ltd unconfirmed | ADGM-FSRA | Managing Assets | 01 Oct 2023 | register ↗ |
| AED Stablecoin L.L.C - S.P.C stablecoin unconfirmed | CBUAE | Dirham Payment Token Issuance | 01 Jan 2024 | register ↗ |
| AEDC Stable Coin L.L.C stablecoin unconfirmed | CBUAE | Dirham Payment Token Issuance | not published | register ↗ |
| AEDC Stable Coin Network and Distribution L.L.C stablecoin unconfirmed | CBUAE | Stored Value Facility, Payment Token Conversion, Custody and Transfer | not published | register ↗ |
| Foris DAX Middle East FZE stablecoin unconfirmed | CBUAE | Stored Value Facility | 01 May 2026 | register ↗ |
| Revolut Stored Value Services L.L.C stablecoin unconfirmed | CBUAE | Stored Value Facility, Retail Payment Services | 01 Jun 2026 | register ↗ |
| Zand Trust L.L.C S.O.C stablecoin unconfirmed | CBUAE | Dirham Payment Token Issuance | 01 Jan 2025 | register ↗ |
| Bybit Virtual Asset Platform Operator unconfirmed | CMA | MTF dedicated to Virtual Assets | 01 Mar 2025 | register ↗ |
| Emirates Coin Investment unconfirmed | CMA | Dealing as Agent or Matching Principal; VA MTF | 01 Jul 2023 | register ↗ |
| Bank Frick AG (DIFC Branch) unconfirmed | DFSA | Authorised Firm, crypto token activities | 01 Dec 2025 | register ↗ |
| EGS Capital Limited unconfirmed | DFSA | Authorised Firm, crypto token activities | 01 Jul 2022 | register ↗ |
| IG Limited unconfirmed | DFSA | Authorised Firm, crypto token activities | 01 Jun 2015 | register ↗ |
| Index & Cie Limited unconfirmed | DFSA | Authorised Firm, crypto token activities | 01 Dec 2015 | register ↗ |
| InvestSky Financial Limited unconfirmed | DFSA | Authorised Firm, crypto token activities | 01 Nov 2022 | register ↗ |
| Julius Baer (Middle East) Limited | DFSA | Authorised Firm, crypto token activities | 01 Sep 2004 | register ↗ |
| Menhir Capital Management Limited unconfirmed | DFSA | Authorised Firm, crypto token activities | 01 May 2023 | register ↗ |
| Pepperstone Financial Services (DIFC) Limited unconfirmed | DFSA | Authorised Firm, crypto token activities | 01 Mar 2020 | register ↗ |
| Qube Research and Technologies DIFC Limited unconfirmed | DFSA | Authorised Firm, crypto token activities | 01 Aug 2023 | register ↗ |
| ARP Digital FZCO | VARA | VASP Licence | 07 Aug 2026 | register ↗ |
| Amber Premium FZE | VARA | VASP Licence | 02 Apr 2026 | register ↗ |
| Animoca Brands Middle East Advisory FZCO | VARA | VASP Licence | 05 Feb 2026 | register ↗ |
| Aquanow ME FZE | VARA | VASP Licence | 22 Jul 2024 | register ↗ |
| Atremo Digital FZE | VARA | VASP Licence | 25 Apr 2025 | register ↗ |
| Binance FZE | VARA | VASP Licence | 15 Apr 2024 | register ↗ |
| BitGo Custody MENA FZE | VARA | VASP Licence | 25 Apr 2025 | register ↗ |
| BitGo MENA FZE | VARA | VASP Licence | 17 Sep 2025 | register ↗ |
| BitOasis Technologies FZE | VARA | VASP Licence | 29 Nov 2024 | register ↗ |
| Bitpanda Broker MENA FZCO | VARA | VASP Licence | 19 Mar 2025 | register ↗ |
| Bitpanda Custody MENA FZCO | VARA | VASP Licence | 25 Apr 2025 | register ↗ |
| Ceffu Custody FZE | VARA | VASP Licence | 09 Oct 2025 | register ↗ |
| CoinCorner Virtual Assets Broker & Dealer Services L.L.C. | VARA | VASP Licence | 05 May 2026 | register ↗ |
| CoinMENA FZE | VARA | VASP Licence | 30 Nov 2023 | register ↗ |
| Ctrl Alt Solutions DMCC | VARA | VASP Licence | 24 May 2025 | register ↗ |
| DIMENT VA Exchange Services DMCC | VARA | VASP Licence | 07 Aug 2026 | register ↗ |
| DKK Digital FZE | VARA | VASP Licence | 18 Apr 2025 | register ↗ |
| Daman Virtual Asset Brokerage LLC | VARA | VASP Licence | 16 Apr 2026 | register ↗ |
| Deribit FZE | VARA | VASP Licence | 01 Nov 2024 | register ↗ |
| Fasset FZE | VARA | VASP Licence | 30 Nov 2023 | register ↗ |
| First Crypto Exchange L.L.C | VARA | VASP Licence | 26 Apr 2026 | register ↗ |
| Flipster FZE | VARA | VASP Licence | 14 Jul 2026 | register ↗ |
| Flowdesk Omega FZE | VARA | VASP Licence | 07 Aug 2026 | register ↗ |
| Foris DAX Middle East FZE | VARA | VASP Licence | 03 Apr 2024 | register ↗ |
| GC Exchange FZE | VARA | VASP Licence | 17 Nov 2023 | register ↗ |
| Gap 3 Partners FZCO | VARA | VASP Licence | 14 Apr 2025 | register ↗ |
| Gate Technology FZE | VARA | VASP Licence | 25 Apr 2025 | register ↗ |
| HT Markets MENA FZE | VARA | VASP Licence | 31 May 2024 | register ↗ |
| Hashkey MENA FZE | VARA | VASP Licence | 14 Apr 2025 | register ↗ |
| Hex Trust MENA FZE | VARA | VASP Licence | 15 Nov 2023 | register ↗ |
| Komainu MEA FZE | VARA | VASP Licence | 18 Aug 2023 | register ↗ |
| LCT Global FZE | VARA | VASP Licence | 26 Dec 2025 | register ↗ |
| Laser Digital Middle East FZE | VARA | VASP Licence | 28 Jul 2023 | register ↗ |
| Liquidity Fintech FZE | VARA | VASP Licence | 16 Apr 2026 | register ↗ |
| MBIO FZE | VARA | VASP Licence | 18 Jul 2024 | register ↗ |
| MKX Virtual Assets Broker & Dealer Services L.L.C. | VARA | VASP Licence | 18 Apr 2025 | register ↗ |
| Mantra Finance FZE | VARA | VASP Licence | 19 Feb 2025 | register ↗ |
| Midchains FZE | VARA | VASP Licence | 29 Apr 2025 | register ↗ |
| Morpheus Software Technology FZE | VARA | VASP Licence | 17 Nov 2023 | register ↗ |
| Nine Blocks Capital Management FZE | VARA | VASP Licence | 21 Nov 2023 | register ↗ |
| Nova Digital FZE | VARA | VASP Licence | 30 Jan 2026 | register ↗ |
| OFZA Fintech Virtual Asset Exchange Services LLC | VARA | VASP Licence | 30 Dec 2024 | register ↗ |
| OKX Middle East Fintech FZE | VARA | VASP Licence | 17 Sep 2024 | register ↗ |
| Payward FZCO unconfirmed | VARA | In-Principle Approval | 21 May 2026 | register ↗ |
| Prypco FZE | VARA | VASP Licence | 24 May 2025 | register ↗ |
| RIV Technologies FZE | VARA | VASP Licence | 27 Mar 2026 | register ↗ |
| Scintilla Network FZE | VARA | VASP Licence | 11 Sep 2023 | register ↗ |
| Selini Capital FZE | VARA | VASP Licence | 08 Oct 2025 | register ↗ |
| Shipfinex unconfirmed | VARA | In-Principle Approval | 24 Feb 2026 | register ↗ |
| Tokinvest DMCC | VARA | VASP Licence | 30 Dec 2024 | register ↗ |
| Trek Labs Ltd FZE | VARA | VASP Licence | 30 Oct 2023 | register ↗ |
| Tribe Tokenisation FZE | VARA | VASP Licence | 22 Jun 2026 | register ↗ |
| Varni Labs FZE | VARA | VASP Licence | 22 Jul 2024 | register ↗ |
| Web 3 Innovations FZE | VARA | VASP Licence | 01 Dec 2023 | register ↗ |
| XBase Virtual Assets Broker & Dealer Services LLC | VARA | VASP Licence | 19 Mar 2026 | register ↗ |
| YHEGO Virtual Assets Exchange Service L.L.C | VARA | VASP Licence | 02 Jun 2026 | register ↗ |
| Zand Bank P.J.S.C. | VARA | VASP Licence | 09 Dec 2024 | register ↗ |