Relm Granted Full VARA Broker Dealer Services License in the UAE, Strengthening Dubai’s Regulated Digital Asset Ecosystem

WHY THIS MATTERS: The approval of Relm’s full Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA) is far more than a single company announcement; it is critical validation of the UAE’s strategic focus on regulatory certainty as the key driver of institutional adoption. While the global industry debates standards, VARA has successfully created the world’s first independent regulator for virtual assets. This clarity is what gives confidence to enterprises, funds, and family offices looking to engage with digital assets at scale, effectively de-risking the market for professional participants. Relm, by offering compliant over-the-counter (OTC) trading and broker-dealer services, directly supports the convergence of traditional financial infrastructure with crypto-native liquidity. This signals an irreversible trend where regulated jurisdictions—and a robust regulatory framework—are becoming the only viable gateway for large-scale institutional flow into the digital asset economy.

XBASE Virtual Assets Broker & Dealer Services LLC, operating as Relm and a subsidiary of XBD Group, has received its full Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).

The license authorises Relm to operate as a regulated virtual assets broker-dealer in the UAE, permitting the company to provide compliant digital asset trading and over-the-counter (OTC) services to institutional clients, enterprises, and qualified counterparties operating in and through the region.

This approval follows Relm’s successful completion of VARA’s licensing process, including its earlier In-Principle Approval (IPA), and confirms that Relm has met all regulatory, governance, risk, and operational requirements under Dubai’s virtual assets framework.

With the issuance of the VASP license, Relm is now authorised to onboard clients and commence regulated operations from Dubai, operating within VARA’s comprehensive regulatory framework that has positioned the Emirate as one of the world’s leading jurisdictions for compliant digital asset activity.

Zeeshan Uppal, CEO at Relm UAE, said: “Receiving our full VARA VASP license is a major milestone for Relm and a clear validation of our compliance-first approach. The UAE has set a global benchmark for regulating digital assets, with clarity, rigor, and ambition. VARA’s framework gives institutions the confidence to deal with digital assets at scale, and we are proud to be part of that ecosystem as a fully licensed broker-dealer.”

“Dubai continues to lead the future of digital trade by creating a setting where innovation and regulation move together. This license allows Relm to support enterprises, corporations, funds, and family offices with secure, transparent, and institution-grade access to digital asset markets, without regulatory uncertainty.”, he added.

Relm’s regulated offering will focus on OTC crypto trading, broker-dealer services, and enterprise-grade digital asset execution, designed for professional market participants seeking compliant exposure to digital assets and crypto-native liquidity.

Under VARA’s supervision, Relm contributes to the UAE’s growing digital economy and supports Dubai’s goal to become a global hub for virtual assets, financial innovation, and cross-border digital commerce.

FF NEWS TAKE: This move clearly moves the needle, solidifying Dubai’s reputation as the primary hub for institutional crypto. Relm joins a growing list of major firms—including Animoca Brands and Hex Trust—who have secured VARA licenses, demonstrating rapid migration into this regulated environment. The immediate focus will be on monitoring the resulting increase in institutional crypto liquidity and transaction volume on the platform. Long-term, look for VARA to next focus on the tokenisation of real-world assets, which is the next logical step in integrating digital and traditional finance.