Dubai has solidified its position as the world’s largest licensed market for virtual assets, with transactions surpassing Dh2.5 trillion since the start of 2025. This remarkable milestone highlights the rapid growth of the sector, which was catalysed by the creation of the Dubai Virtual Assets Regulatory Authority (VARA).
In a statement posted to his X account, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, credited the establishment of VARA three years ago as the key to this success. “Today, Dubai stands as the world’s largest licensed market for virtual assets, with transactions exceeding Dh2.5 trillion since the beginning of the year,” Sheikh Mohammed wrote.
The regulatory body, which operates under the leadership of Sheikh Maktoum bin Mohammed, has played a pivotal role in ensuring the sector’s growth while maintaining a framework of security and governance. His Highness highlighted the significance of the new economic sector, which has now become a major contributor to the national economy in a remarkably short period.
“Three years ago, we made the decision to establish a new authority,” Sheikh Mohammed continued, acknowledging the role of Sheikh Maktoum in the success of VARA. “A completely new economic sector has been added to our national economy in just three years. Thank you, Maktoum bin Mohammed, with you, we are confident in the future of our national economy.”
The UAE’s aggressive push towards adopting and regulating virtual assets has positioned Dubai at the forefront of the global virtual assets market. As the demand for digital currencies, blockchain technology, and other virtual services continues to rise, Dubai is quickly becoming a critical hub for both investors and innovators in the space.
This achievement underscores Dubai’s broader efforts to enhance its position as a global leader in technological and financial innovation. It is a sign of the emirate’s ambition to create new economic sectors, paving the way for the future of finance and technology. For more on Dubai’s initiatives to lead in tech and finance, see how companies like Rostro Group are shaping the future of finance across the globe here.
The UAE’s commitment to advancing digital economies is also evident in other recent developments, such as Dubai’s introduction of an ATM-like machine that can assess the purity of gold, another sign of the city’s embrace of innovative technologies. Explore more about this initiative here.
As Dubai continues to invest in technology, it is clear that the city’s regulatory foresight and commitment to innovation are positioning it for sustained growth in emerging industries, including virtual assets.
