Prime Highlights:
- Dubai has become the world’s largest licensed virtual assets market, with transaction volumes reaching AED 2.5 trillion ($680 billion) since the start of 2025.
- The Dubai Financial Sector Strategy aims to support family businesses, startups, and SMEs while attracting new asset managers and boosting economic growth.
Key Facts:
- Virtual assets under management in Dubai have exceeded AED 9.6 billion ($2.6 billion) and currently contribute around 0.5% of Dubai’s GDP, expected to grow to 3%.
- Dubai hosts over 40 licensed virtual asset service providers and around 600 registered service providers engaged in advisory, technology, or trading activities.
Key Background:
Dubai has emerged as the world’s largest licensed market for virtual assets, with transaction volumes reaching AED 2.5 trillion ($680 billion) since the beginning of 2025, according to a recent meeting of Dubai’s Higher Committee for the Development of the Economic and Financial Sector.
The announcement was made during a session chaired by H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Chairman of the Committee. Sheikh Maktoum highlighted Dubai’s growing prominence in the global virtual assets market, noting the city now hosts over 40 licensed virtual asset service providers.
“Dubai currently stands as the world’s single largest licensed virtual assets market, with trading volumes reaching AED 2.5 trillion since the start of the year,” Sheikh Maktoum said in a LinkedIn post. He also emphasized the fact that the Virtual Assets Regulatory Authority (VARA) in Dubai is enhancing openness and making Dubai a digital finance hub.
The virtual assets in Dubai have increased to more than AED 9.6 billion (2.6 billion) since January 2025, which is due to the increased number of institutional investors. The sector now makes up about 0.5% of Dubai’s GDP (around AED 2.2 billion or $500 million) and is expected to reach 3% of GDP (about AED 13 billion or $3.5 billion) as the VARA-regulated market grows.
The city also hosts around 600 registered service providers engaged in advisory, technology, or proprietary trading activities that do not require full licensing.
The committee also approved the Dubai Financial Sector Strategy, a three-year roadmap aimed at doubling the financial sector’s contribution to GDP and increasing assets under management. The strategy includes 15 programs to support family businesses and startups, attract new asset managers, and help small and medium enterprises get access to new financing.
The meeting was attended by key officials, including Mohammad Al Gergawi, Omar Sultan Al Olama, Helal Saeed Al Marri, Essa Abdulfattah Kazim, and Huda Sayed Naim Al Hashimi. The Higher Committee continues to guide Dubai’s economic and financial policies to support growth, competitiveness, and sustainability.
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