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Dubai is now the world’s biggest licensed virtual assets (VA) market. On the third anniversary of the Dubai Virtual Assets Regulatory Authority (VARA), Sheikh Mohammed bin Rashid Al Maktoum announced that year-to-date VA transactions have already crossed AED 2.5 trillion.
“A completely new economic sector has been added to our national economy,” he said, highlighting Dubai’s rapid growth in digital finance.
VARA Powers Dubai’s Crypto Growth
Three years ago, Dubai introduced the world’s first law regulating virtual assets, and set up VARA to oversee the market. Today, the authority manages over 40 licensed virtual asset service providers (VASPs) and more than 600 registered advisory or tech service providers.
Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai, said: “This reflects the vision of Sheikh Mohammed bin Rashid Al Maktoum, who issued the world’s first law regulating virtual assets three years ago to cement Dubai’s leadership in future economic and financial sectors.”
VARA’s framework has made Dubai a secure and transparent hub for investors, attracting both local and international players.
Dubai Financial Sector Strategy
Dubai isn’t stopping at regulation. On October 12, the Dubai Financial Sector Strategy was approved, outlining 15 transformative programs over the next three years. These programs focus on capital markets, asset and wealth management, SME financing, virtual assets, and fintech.
The strategy aims to double the financial sector’s contribution to Dubai’s GDP, encourage family businesses and startups to list publicly, and attract new asset managers.
It also focuses on SME financing, creating access to capital and boosting their role in the economy.
Also Read: Crypto Regulations in UAE- Dubai in 2025
Market Performance: DFM and IPO Highlights
Dubai’s financial markets are already feeling the impact. The Dubai Financial Market (DFM) General Index is up 14.7% this year, the highest since 2008. Total market capitalization has reached AED 1 trillion. Notable offerings include the AED 1.4 billion IPO of ALEC Holding and a secondary public offering for DU valued at AED 3.15 billion.
Meanwhile, VA assets under management have hit AED 9.6 billion, reflecting strong participation from large institutional investors.
Dubai on the Global Stage
Dubai is climbing the global financial ladder. Ranked 11th in the Global Financial Centers Index, it leads all hubs in future growth potential. VARA is strengthening the virtual assets ecosystem, while the Financial Sector Strategy is driving innovation across capital markets, fintech, and SME finance.
Sheikh Maktoum summed it up: “We remain committed to advancing our financial and economic ecosystem, and ensuring that Dubai continues to serve as a global model for emerging economic sectors and the leading hub for future economy.”
Dubai is proving to be a global powerhouse for digital finance.
