Dubai Unveils Token Issuance Rules Covering Stablecoins and RWAs
Dubai’s Virtual Assets Regulatory Authority, or VARA, was established under Dubai’s Virtual Assets Law No. 4 of 2022. Its jurisdiction covers mainland Dubai and its free zones, excluding the Dubai International Financial Centre. The guidance explains issuance rules that took effect on June 19, 2025, with a focus on regulating tokens under a dedicated virtual-asset framework instead of directly applying traditional securities or payments laws.
On April 9, 2026, VARA issued its Guidance on Virtual Asset Issuance Rules, dividing issuances into Category 1, Category 2 and exempt assets. Fiat-referenced stablecoins and real-world asset, or RWA, tokens fall under Category 1. Issuers must first obtain a VARA license and meet enhanced white-paper, disclosure and governance requirements. Category 2 assets must be offered through a licensed distributor, while closed-loop tokens with restricted transferability or redemption may qualify for an exemption.
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The history behind this eventDubai Crypto Market Reaches 50 Licensed Firms
Dubai's Virtual Assets Regulatory Authority, or VARA, oversees local crypto businesses and uses virtual asset service provider licenses to establish a regulated market. The increase to 50 licensed firms reflects Dubai's progress in attracting digital-asset companies, though the number of licenses does not necessarily represent the scale of actual operations.
VARA announced on June 29, 2026, that tokenized-asset platform Tribe Tokenisation FZE had received the market's 50th VASP license. No transaction value was disclosed. At the end of 2025, only 39 of the 50 licensees were fully operational, while the remainder may still have been in a controlled preparatory phase. VARA is verifying the latest operating figures for 2026.
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