21 Firms Hold ADGM FSRA Permissions for Virtual Assets in Abu Dhabi; 13 May Not Deal With Retail Clients

The short version: 21 firms hold an active Financial Services Permission from ADGM's FSRA with regulated activities covering virtual assets (FSRA Public Register, read 22 Oct 2026). For 13 of them the register shows the stipulation that they may not deal with retail clients; 5 may not hold or control client assets. 7 were permitted in 2025 or later, the latest SHIFT INVESTMENTS LIMITED (5 Oct 2026). 7 more firms in this asset class are shown as withdrawn.

What They May Do

9 of the 21 active firms are permitted to provide custody of virtual assets and 1 to operate a multilateral trading facility, the FSRA's permission for a crypto trading venue. The most common current activities on the firms' register pages are dealing in investments as principal (matched) (10), arranging deals in investments (9), providing custody (9), advising on investments or credit (5), arranging custody (4) (FSRA). A permission covers only the activities listed on the firm's own register page; the retail and client-asset stipulations above narrow it further.

Active Firms

Brands link to their UAE firm page where one exists. Dubai's VARA and Abu Dhabi's ADGM are separate regulators; a firm may appear on one register, both or neither.

Withdrawn Permissions

ADGM's FSRA register shows 7 firms in the Virtual Assets asset class as withdrawn, 6 of them since the start of 2025 (FSRA, read 22 Oct 2026). They include Binance (AD) Limited (withdrawn 8 December 2025) and Payward MENA Holdings Limited, Kraken's Abu Dhabi company (withdrawn 19 December 2025). The register does not state reasons.

The register lists firms by legal name. Group companies under other names are not matched, so a withdrawal here says nothing about a brand's other ADGM or UAE companies. Kraken's Dubai company Payward FZCO holds a VARA licence: see Kraken.