Dubai grants crypto license to XBASE for spot OTC trading
Dubai’s Virtual Assets Regulatory Authority (VARA) has granted RELM Group subsidiary XBASE a crypto license, making it the 43rd licensed VASP under the Dubai VARA regime. The license is active (not only in-principle approval) and allows XBASE to provide spot OTC crypto trading to institutional and qualified investors.
XBASE received in-principle approval in October 2025, with the final approval arriving after support from The Private Office of Sheikh Ahmed bin Faisal Al Qassimi for Consultancy and Project Development, CFC MENA, and VARA. The firm aims for compliant, secure, and confidential OTC execution for clients worldwide and said RELM has already executed over $1 billion in trades across large-order crypto and fiat trading and payments.
Dubai has issued more than 43 VASP licenses spanning brokers, exchanges, and investment management and custody. For traders, the crypto license from VARA reduces regulatory uncertainty around institutional OTC access in the UAE, which may improve liquidity and execution quality for large orders tied to major markets.
Keywords: crypto license, VARA, XBASE, spot OTC, institutional investors.
Bullish
VARA向XBASE发放加密牌照，属于“合规落地”而非纯粹的监管口径信号。此类进展通常会提升机构参与的可预期性，尤其是支持现货OTC交易时，可能改善大额订单的撮合与流动性，从而对交易活跃度形成边际提振。
短期来看，市场往往对具体VASP获批产生情绪利好，但影响更多体现在区域场外业务（UAE/中东机构资金）与交易执行质量，而不一定直接改变全球现货/衍生品的总体趋势。
长期来看，迪拜持续扩张VASP牌照数量（文中提到已超过43家）有助于巩固其作为合规加密金融枢纽的定位。类似历史场景中，当大型司法辖区释放明确监管许可并允许机构化业务开展，通常会提升行业资金流入与市场结构成熟度，最终对流动性和风险定价产生正向影响。
因此该消息更偏“利好”，但幅度可能有限，更可能先体现在OTC与机构交易链条上，而非立刻驱动全市场单边行情。