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.
It was also noted that the The virtual assets sector contributes an estimated 0.5% to Dubai’s GDP, equivalent to approximately AED2.2 billion or $500 million. Under the regulated VARA regime, the ecosystem is expected to scale responsibly and reach an estimated 3% GDP, reaching around AED13 billion or $3.5 billion.
HH Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum in a LinkedIn Post stated, “Dubai currently stands as the world’s single largest licensed virtual assets market, with more than 40 licensed virtual asset service providers and trading volumes reaching AED 2.5 trillion since the beginning of the year.” Sheikh Maktoum commended the pivotal role of Dubai’s VARA in enhancing transparency and solidifying the emirate’s standing as a global hub for virtual assets.
The city also hosts 600 registered service providers engaged in advisory, technology, or proprietary trading activities that do not require full regulation.
According to the press release this solidifies, Dubai as a leading global financial hub. These achievements were highlighted as 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, chaired a meeting of the committee.
The meeting also witnessed the approval of the Dubai Financial Sector Strategy, a comprehensive roadmap designed to solidify Dubai’s position as a leading global financial hub, with key goals to double the financial sector’s contribution to the emirate’s GDP and grow the size of assets under management in Dubai.
The strategy plans to launch 15 transformative programs over a three year period with opportunities for investors.The strategy aims to boost market activity by encouraging the listing of more family businesses and startups. Simultaneously, it will foster growth in the asset and wealth management sector by developing legislation and policies that attract new asset managers and family businesses. The strategy also focuses on enhancing the role of small and medium enterprises in the national economy by developing innovative financing models that expand access to capital, ensuring the sustainability of SMEs and increasing their contribution to GDP.
The meeting was attended by Mohammad Al Gergawi, Vice Chairman of the Committee; Mohamed bin Hadi Al Hussaini, Omar Sultan Al Olama, Helal Saeed Al Marri, Essa Abdulfattah Kazim, Faisal Yousef bin Sulaitin, Fadel Abdulbaqi Al Ali, His Excellency Saeed AlEter, and Huda Sayed Naim Al Hashimi, Secretary General of the Committee.
The Higher Committee for the Development of the Economic and Financial Sector aims to endorse high-level economic and financial policies and strategies that support the realisation of the Dubai Economic Agenda D33. The committee is tasked with coordinating efforts among relevant economic and financial entities to ensure integration of activities, promote sectoral competitiveness, and support the achievement of Dubai’s overarching economic and financial strategy.
