With already 40 licensed VASPs under its arm, VARA has also offered XBase Virtual Assets Broker & Dealer Services (XBase), a subsidiary of XBD Group, now known as Relm, an In-Principle Approval (IPA) for a crypto broker dealer license.

As per the press release, the approval marks the final stage before XBase begins operations, pending full authorization. XBD Group operates a global network of regulated entities serving institutional and high-net-worth clients across Europe, Africa, LATAM, North America, and Southeast Asia. Through its unified ecosystem, XBD bridges the gap between traditional finance and digital assets, offering merchant services, payment acceptance, and OTC trading within a compliance-first framework.

Zeeshan Uppal, Chief Executive Officer, XBase Virtual Assets Broker & Dealer Services, noted, “Securing VARA’s In-Principle Approval marks a key milestone in our global expansion. It underscores our commitment to delivering secure, compliant, and client-focused trading infrastructure for institutional and qualified investors. We commend VARA’s transparent and progressive regulatory framework, which ensures Dubai remains at the forefront of the global digital economy.”

But Xbase is not the only one who has received in principle approval recently from VARA. VARA Dubai has also granted in principle approval to Liquidity Fintech who is also seeking a crypto brokerage license. LTP is a global institutional prime brokerage providing secure, regulated, and scalable solutions.

In a recent Dubai government meeting headed 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 Higher Committee for the Development of the Economic and Financial Sector in the emirate of Dubai, for the Higher Committee for the Development of the Economic and Financial Sector in Dubai, along with its transformative projects, it was announced that Dubai emerged as the world’s single largest licensed market for virtual assets with virtual asset ( digital assets, crypto) transaction volumes reaching AED 2.5 trillion equivalent to $680 billion dollars, as well as $2.6 billion virtual assets under management.

From January 2025 to date, virtual asset or crypto transaction volumes across regulated entities under VARA surged to nearly AED2.5 trillion ($680 billion). While assets under management exceeded AED9.6 billion equivalent to $2.6 billion in 2025, driven by the increasing participation of large institutional players.