Relm Secures Full VASP Licence, Strengthening Dubai’s Crypto Regulation Push

Relm, operating under the legal name XBASE Virtual Assets Broker & Dealer Services LLC, has secured its full Virtual Asset Service Provider (VASP) licence from Dubai’s Virtual Assets Regulatory Authority (VARA). For anyone watching the UAE’s steady march towards becoming a regulated crypto powerhouse, this is another piece falling into place.

The licence allows Relm to operate as a regulated virtual assets broker-dealer in the UAE. In practical terms, it can now offer compliant digital asset trading and over-the-counter (OTC) services to institutional clients, enterprises and qualified counterparties working in and through the region. That includes funds and family offices looking for structured exposure to crypto markets without stepping into regulatory grey zones, which, let’s be honest, is where no serious investor wants to be.

This milestone follows the company’s earlier In-Principle Approval and the completion of VARA’s full licensing process. That process is no small feat. It requires firms to meet strict standards across governance, risk management and operational controls. Dubai has been quite clear: innovation is welcome, but it must come with guardrails. And believe it or not, that clarity is exactly what many global institutions have been waiting for.

Zeeshan Uppal, CEO at Relm UAE, described the licence as a “major milestone” and a validation of the company’s compliance-first approach. He noted that the UAE has set what he called a global benchmark for digital asset regulation, combining clarity with ambition. According to Uppal, VARA’s framework gives institutions the confidence to engage with digital assets at scale, something still missing in many other jurisdictions.

He added that Dubai continues to position itself as a hub where regulation and innovation move side by side. With the full licence in hand, Relm can now onboard clients and begin regulated operations from Dubai under VARA’s oversight. The firm plans to focus on OTC crypto trading and broker-dealer services, offering what it describes as institution-grade execution for professional market participants seeking compliant access to crypto-native liquidity.

From where I stand, VARA’s model is spot on. It has managed to strike that delicate balance, not too loose, not suffocatingly strict. At Arageek, we’ve seen founders across MENA struggle with regulatory uncertainty; it can be a bit of a faff and, frankly, a growth killer. So when a framework gives both startups and institutions room to operate confidently, that’s worth paying attention to.

Relm is part of XBD Group, a global digital asset infrastructure provider building enterprise-ready solutions across trading, payments and liquidity in multiple jurisdictions. Its regulated presence in Dubai adds to the wider narrative of the UAE positioning itself as a global centre for virtual assets and cross-border digital commerce, and doing so in a way that feels deliberate, not rushed.

On the flip side, regulation alone doesn’t guarantee success. Execution matters. But with this approval, Relm is now formally in the game, operating under one of the most closely watched digital asset regimes in the world.

For enterprises and institutional investors who have been sitting on the fence, this development will definately be seen as another signal that Dubai means business when it comes to crypto, and that the rules of the game are becoming much clearer.

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