Federal and emirate-level digital-asset regulation. A Dirham-pegged payment token needs a licence from the Central Bank of the UAE (CBUAE), which also covers custody, transfer and conversion of payment tokens onshore. Free-zone issuance of non-AED fiat tokens, and crypto custody and exchange, are licensed by VARA in Dubai, the FSRA in ADGM and the DFSA. The figures come from the registers Anvesan reads and are updated as those registers change.
These 266 authorisations belong to 209 companies. The company-level records are in Atlas Pro.
One authorisation can cover several activities, so these figures overlap.
The main activities a stablecoin business may carry out, and the authorisation each one requires. A business carrying out several activities may need more than one licence.
Issuance of a fiat-referenced payment token is heavily regulated and the regulator depends on jurisdiction and peg. An AED-pegged (Dirham) Payment Token can be issued only under a CBUAE Payment Token Issuer licence (now live; AE Coin received final approval Dec 2024 and launched in 2025). Free-zone issuance of non-AED fiat tokens runs through VARA (Category 1 FRVA), ADGM FSRA (FRT issuance) or DFSA's crypto regime, none of which can issue AED tokens.
Custody of crypto assets / private keys is a named regulated activity in every UAE regime. VARA (Dubai), ADGM FSRA and DFSA each license crypto custody; CBUAE covers custody/transfer of payment tokens onshore. Strict client-asset segregation, and for VARA a separate legal entity, are common themes.
Operating a fiat-crypto or crypto-crypto trading venue / on-off ramp is licensed in each free zone (VARA Exchange or Broker-Dealer; ADGM MTF; DFSA MTF / dealing). Stablecoins used on a DIFC venue must meet DFSA suitability (USDC, EURC, RLUSD recognised under the prior list; firm-led suitability from 12 Jan 2026). Onshore conversion of payment tokens needs a CBUAE conversion licence.
Onshore payments, e-money/stored value and settlement fall under the CBUAE Retail Payment Services and Card Schemes (RPSCS) regime, while payments made in stablecoins are gated by the Payment Token Services Regulation. Merchants in the UAE may only accept payment tokens issued by a CBUAE-licensed Dirham issuer or a registered Foreign Payment Token. VARA Transfer & Settlement covers payment-style VA movement in Dubai.
Card issuing, payment-instrument issuing and card-scheme operation are governed by the CBUAE Retail Payment Services and Card Schemes (RPSCS) regime onshore; there is no stablecoin-specific card regime. A consumer spend app that loads fiat (or a licensed payment token) onto cards needs RPSCS payment-services authorisation, and any underlying stablecoin must be a CBUAE-licensed/registered payment token.
Cross-border value transfer and remittance are federally licensed by CBUAE (cross-border fund transfer under RPSCS, plus the longstanding exchange-house/money-services framework). Cross-border movement done in stablecoins additionally engages the Payment Token Services Regulation, and in Dubai's free zone the VA Transfer & Settlement licence covers crypto-based cross-border transfer.
The statutory clock is the formal decision period, where the regulator publishes one. “Observed” is the real-world timeline reported by applicants, not a figure the regulator sets. Capital is the regulatory minimum, not legal or advisory fees. Where a figure is not yet available, we show “Unavailable”; where one exists but Anvesan has not verified it, we show “Not sourced”.
The Atlas column maps a licence to a tracked licence family only where the two are the same thing. Where they are not, it reads Not mapped, and the family counts are in Authorisations by licence above.
The Central Bank of the UAE does not publish a decision period. Anvesan has not established a statutory deadline, so we do not infer one.
The regulation is recent and too few licences have been granted under it to report a range. Anvesan publishes one when there is one.
| Minimum capitalplus 0.5% of the total value of tokens issued | AED 15,000,000 |
|---|---|
| Alternativewhere the bank-subsidiary reserve option is taken | 2% of issued value |
The Central Bank may exempt an issuer whose reserve does not exceed AED 500,000 and which has no more than one hundred token holders.
Application fee Not sourced. The Central Bank of the UAE sets its licensing fees by regulation rather than publishing one headline figure per licence.
VARA does not publish a decision period. The process runs in stages, with half the application fee invoiced after the initial disclosure questionnaire. Anvesan has not established a statutory deadline, so we do not infer one.
Staged: initial disclosure questionnaire, then the full application, then an initial approval, then operational conditions before the licence is activated.
| Advisory servicesthe floor across VARA activities | AED 100,000 |
|---|---|
| Exchange serviceswith a VARA-licensed custodian; AED 1,500,000 without | AED 800,000 |
| Or a share of overheadswhere that is higher than the figure above | 15% to 25% of fixed annual overheads |
Paid-up capital is held at all times in a UAE trust account with VARA as beneficiary, or covered by an acceptable surety bond.
Application fee AED 100,000 per activity for most activities, AED 40,000 for advisory. Annual supervision is AED 80,000 to AED 200,000, with exchange and custody at the top end.
The DFSA does not publish a decision period. Authorisation runs through a pre-application meeting, a regulatory business plan and a formal application. Anvesan has not established a statutory deadline, so we do not infer one.
Anvesan has not verified a decision range for this regulator. The figure quoted for VARA is not carried over to it.
| Advisingbase capital, from | US$10,000 |
|---|---|
| Dealing, arranging, providing custodyby category | US$50,000 to US$140,000 |
| Operating a facilityand above | US$500,000 |
Expenditure-based capital minimums apply on top, so a firm with high overheads holds more than the category floor.
Application fee US$25,000 for each of the common crypto permissions: dealing in investments, managing assets, providing custody. Recognition of a crypto token is US$5,000 per token.
VARA does not publish a decision period. The process runs in stages, with half the application fee invoiced after the initial disclosure questionnaire. Anvesan has not established a statutory deadline, so we do not infer one.
Staged: initial disclosure questionnaire, then the full application, then an initial approval, then operational conditions before the licence is activated.
| Advisory servicesthe floor across VARA activities | AED 100,000 |
|---|---|
| Exchange serviceswith a VARA-licensed custodian; AED 1,500,000 without | AED 800,000 |
| Or a share of overheadswhere that is higher than the figure above | 15% to 25% of fixed annual overheads |
Paid-up capital is held at all times in a UAE trust account with VARA as beneficiary, or covered by an acceptable surety bond.
Application fee AED 100,000 per activity for most activities, AED 40,000 for advisory. Annual supervision is AED 80,000 to AED 200,000, with exchange and custody at the top end.
The Central Bank of the UAE does not publish a decision period. Anvesan has not established a statutory deadline, so we do not infer one.
The regulation is recent and too few licences have been granted under it to report a range. Anvesan publishes one when there is one.
| Custody and transfer providersrising to AED 3,000,000 above the higher monthly transfer volumes | AED 1,500,000 |
|---|
The threshold between the two figures is set by monthly transfer volume.
Application fee Not sourced. The Central Bank of the UAE sets its licensing fees by regulation rather than publishing one headline figure per licence.
The DFSA does not publish a decision period. Authorisation runs through a pre-application meeting, a regulatory business plan and a formal application. Anvesan has not established a statutory deadline, so we do not infer one.
Anvesan has not verified a decision range for this regulator. The figure quoted for VARA is not carried over to it.
| Advisingbase capital, from | US$10,000 |
|---|---|
| Dealing, arranging, providing custodyby category | US$50,000 to US$140,000 |
| Operating a facilityand above | US$500,000 |
Expenditure-based capital minimums apply on top, so a firm with high overheads holds more than the category floor.
Application fee US$25,000 for each of the common crypto permissions: dealing in investments, managing assets, providing custody. Recognition of a crypto token is US$5,000 per token.
The FSRA does not publish a decision period. The regulatory business plan is submitted through the FSRA portal and assessed before a formal application. Anvesan has not established a statutory deadline, so we do not infer one.
Anvesan has not verified a decision range for this regulator. The figure quoted for VARA is not carried over to it.
| Base capitalfor most virtual asset licence categories | US$250,000 |
|---|
Virtual asset permissions are treated as add-ons to an existing regulated activity, so the base capital of that activity applies first.
Application fee US$15,000 to US$35,000 and above depending on permissions. Virtual asset fees are charged as an add-on to the underlying regulated activity.
VARA does not publish a decision period. The process runs in stages, with half the application fee invoiced after the initial disclosure questionnaire. Anvesan has not established a statutory deadline, so we do not infer one.
Staged: initial disclosure questionnaire, then the full application, then an initial approval, then operational conditions before the licence is activated.
| Advisory servicesthe floor across VARA activities | AED 100,000 |
|---|---|
| Exchange serviceswith a VARA-licensed custodian; AED 1,500,000 without | AED 800,000 |
| Or a share of overheadswhere that is higher than the figure above | 15% to 25% of fixed annual overheads |
Paid-up capital is held at all times in a UAE trust account with VARA as beneficiary, or covered by an acceptable surety bond.
Application fee AED 100,000 per activity for most activities, AED 40,000 for advisory. Annual supervision is AED 80,000 to AED 200,000, with exchange and custody at the top end.
The DFSA does not publish a decision period. Authorisation runs through a pre-application meeting, a regulatory business plan and a formal application. Anvesan has not established a statutory deadline, so we do not infer one.
Anvesan has not verified a decision range for this regulator. The figure quoted for VARA is not carried over to it.
| Advisingbase capital, from | US$10,000 |
|---|---|
| Dealing, arranging, providing custodyby category | US$50,000 to US$140,000 |
| Operating a facilityand above | US$500,000 |
Expenditure-based capital minimums apply on top, so a firm with high overheads holds more than the category floor.
Application fee US$25,000 for each of the common crypto permissions: dealing in investments, managing assets, providing custody. Recognition of a crypto token is US$5,000 per token.
The FSRA does not publish a decision period. The regulatory business plan is submitted through the FSRA portal and assessed before a formal application. Anvesan has not established a statutory deadline, so we do not infer one.
Anvesan has not verified a decision range for this regulator. The figure quoted for VARA is not carried over to it.
| Base capitalfor most virtual asset licence categories | US$250,000 |
|---|
Virtual asset permissions are treated as add-ons to an existing regulated activity, so the base capital of that activity applies first.
Application fee US$15,000 to US$35,000 and above depending on permissions. Virtual asset fees are charged as an add-on to the underlying regulated activity.
The Central Bank of the UAE does not publish a decision period. Anvesan has not established a statutory deadline, so we do not infer one.
The regulation is recent and too few licences have been granted under it to report a range. Anvesan publishes one when there is one.
| Custody and transfer providersrising to AED 3,000,000 above the higher monthly transfer volumes | AED 1,500,000 |
|---|
The threshold between the two figures is set by monthly transfer volume.
Application fee Not sourced. The Central Bank of the UAE sets its licensing fees by regulation rather than publishing one headline figure per licence.
The Central Bank of the UAE does not publish a decision period for a retail payment services licence. Anvesan has not established a statutory deadline, so we do not infer one.
Anvesan has not verified a decision range for this regulator. The figure quoted for VARA is not carried over to it.
| Category Iat AED 10 million or more of average monthly payment value; AED 1,500,000 below it | AED 3,000,000 |
|---|---|
| Category IIat AED 10 million or more of average monthly payment value; AED 1,000,000 below it | AED 2,000,000 |
| Category IV, and initiation or account information serviceswhatever the transaction value | AED 100,000 |
The figure steps with the average monthly value of payment transactions, so it rises with the business rather than at authorisation.
Application fee Not sourced. The Central Bank of the UAE sets its licensing fees by regulation rather than publishing one headline figure per licence.
The Central Bank of the UAE does not publish a decision period. Anvesan has not established a statutory deadline, so we do not infer one.
The regulation is recent and too few licences have been granted under it to report a range. Anvesan publishes one when there is one.
| Minimum capitalplus 0.5% of the total value of tokens issued | AED 15,000,000 |
|---|---|
| Alternativewhere the bank-subsidiary reserve option is taken | 2% of issued value |
The Central Bank may exempt an issuer whose reserve does not exceed AED 500,000 and which has no more than one hundred token holders.
Application fee Not sourced. The Central Bank of the UAE sets its licensing fees by regulation rather than publishing one headline figure per licence.
VARA does not publish a decision period. The process runs in stages, with half the application fee invoiced after the initial disclosure questionnaire. Anvesan has not established a statutory deadline, so we do not infer one.
Staged: initial disclosure questionnaire, then the full application, then an initial approval, then operational conditions before the licence is activated.
| Advisory servicesthe floor across VARA activities | AED 100,000 |
|---|---|
| Exchange serviceswith a VARA-licensed custodian; AED 1,500,000 without | AED 800,000 |
| Or a share of overheadswhere that is higher than the figure above | 15% to 25% of fixed annual overheads |
Paid-up capital is held at all times in a UAE trust account with VARA as beneficiary, or covered by an acceptable surety bond.
Application fee AED 100,000 per activity for most activities, AED 40,000 for advisory. Annual supervision is AED 80,000 to AED 200,000, with exchange and custody at the top end.
The Central Bank of the UAE does not publish a decision period for a retail payment services licence. Anvesan has not established a statutory deadline, so we do not infer one.
Anvesan has not verified a decision range for this regulator. The figure quoted for VARA is not carried over to it.
| Category Iat AED 10 million or more of average monthly payment value; AED 1,500,000 below it | AED 3,000,000 |
|---|---|
| Category IIat AED 10 million or more of average monthly payment value; AED 1,000,000 below it | AED 2,000,000 |
| Category IV, and initiation or account information serviceswhatever the transaction value | AED 100,000 |
The figure steps with the average monthly value of payment transactions, so it rises with the business rather than at authorisation.
Application fee Not sourced. The Central Bank of the UAE sets its licensing fees by regulation rather than publishing one headline figure per licence.
The Central Bank of the UAE does not publish a decision period. Anvesan has not established a statutory deadline, so we do not infer one.
The regulation is recent and too few licences have been granted under it to report a range. Anvesan publishes one when there is one.
| Custody and transfer providersrising to AED 3,000,000 above the higher monthly transfer volumes | AED 1,500,000 |
|---|
The threshold between the two figures is set by monthly transfer volume.
Application fee Not sourced. The Central Bank of the UAE sets its licensing fees by regulation rather than publishing one headline figure per licence.
The Central Bank of the UAE does not publish a decision period for a retail payment services licence. Anvesan has not established a statutory deadline, so we do not infer one.
Anvesan has not verified a decision range for this regulator. The figure quoted for VARA is not carried over to it.
| Category Iat AED 10 million or more of average monthly payment value; AED 1,500,000 below it | AED 3,000,000 |
|---|---|
| Category IIat AED 10 million or more of average monthly payment value; AED 1,000,000 below it | AED 2,000,000 |
| Category IV, and initiation or account information serviceswhatever the transaction value | AED 100,000 |
The figure steps with the average monthly value of payment transactions, so it rises with the business rather than at authorisation.
Application fee Not sourced. The Central Bank of the UAE sets its licensing fees by regulation rather than publishing one headline figure per licence.
The Central Bank of the UAE does not publish a decision period. Anvesan has not established a statutory deadline, so we do not infer one.
The regulation is recent and too few licences have been granted under it to report a range. Anvesan publishes one when there is one.
| Custody and transfer providersrising to AED 3,000,000 above the higher monthly transfer volumes | AED 1,500,000 |
|---|
The threshold between the two figures is set by monthly transfer volume.
Application fee Not sourced. The Central Bank of the UAE sets its licensing fees by regulation rather than publishing one headline figure per licence.
Regulatory changes only: what is being decided, by whom, and when. Company-level licence changes are tracked in Atlas Pro. Reviewed 23 September 2026.
Federal Decree Law No. 6 of 2025 brought stablecoins and digital-asset infrastructure under Central Bank authority with a one-year transitional period running from 16 September 2025, which ran out in mid-September 2026. Firms touching UAE users were expected to have regularised their position or stopped in-scope activity by then. The Central Bank may extend the period and had announced no extension by 23 September 2026.
What changes The law closes the argument that a protocol sits outside the perimeter simply because it is code.
VARA required virtual-asset operators active in Dubai before its regime to submit an initial disclosure questionnaire by 30 April 2026, the first stage of its licensing process.
What changes An operator that missed it is outside the staged process and applies from the start.
Atlas tracks 266 authorisations across 209 companies in the United Arab Emirates, read from official registers and checked on 5 November 2026. Of those, 229 are licensed, 26 are in the pipeline, and 11 have ended.
CBUAE; VARA in Dubai; ADGM FSRA. The framework is CBUAE Payment Token Services Regulation.
It depends on the activity and the jurisdiction. A Dirham-pegged payment token can be issued only under a Payment Token Issuer licence from the Central Bank of the UAE (CBUAE). Free-zone issuance of non-AED fiat tokens runs through VARA in Dubai, the FSRA in ADGM or the DFSA, and those three also license crypto custody and exchange. The CBUAE covers custody and transfer of payment tokens onshore, and onshore conversion of payment tokens needs its conversion licence. Onshore payments fall under its Retail Payment Services and Card Schemes regime, while payments made in stablecoins are gated by the Payment Token Services Regulation. Federal Decree Law No. 6 of 2025 brought stablecoins and digital-asset infrastructure under Central Bank authority, and its transitional period ran out in mid-September 2026. The Central Bank may extend the period and had announced no extension by 23 September 2026.
The CBUAE, VARA, the FSRA and the DFSA each publish no decision period. Applicants report 6 to 12 months for VARA licences, and Anvesan has no verified range for the others. A CBUAE Payment Token Issuer licence carries minimum capital of AED 15,000,000 plus 0.5% of the total value of tokens issued, or 2% of issued value where the bank-subsidiary reserve option is taken. Its custody, transfer and conversion licences carry AED 1,500,000 to AED 3,000,000, and its retail payment services licences AED 100,000 to AED 3,000,000. VARA's figures run from AED 100,000 to AED 1,500,000 by activity, or 15% to 25% of fixed annual overheads where that is higher. The FSRA sets US$250,000 in base capital for most virtual asset licence categories, and the base capital of an existing regulated activity applies first. The DFSA's base capital starts at US$10,000 and reaches US$500,000 and above by category, with expenditure-based minimums on top.