Dubai’s Virtual Assets Regulatory Authority added new guidance to its Virtual Asset Issuance Rulebook, laying out how issuers should classify tokens and what approvals they need before launch. The framework draws a sharper line between fiat-referenced virtual assets, asset-referenced virtual assets and other token categories.
For stablecoins and asset-referenced tokens, the rulebook places them in Category 1 issuance, which requires a VARA licence and prior approval of the whitepaper. The same framework says Category 2 issuers do not need a licence, but must use a licensed distributor for placement and distribution. Separate annexes for fiat-referenced and asset-referenced tokens also spell out added rules on stable backing, reserve assets, redemptions, audits, reporting, marketing and capital requirements.
What matters here is that VARA is trying to remove ambiguity before tokens reach market. By pairing topic-based guidance with illustrative examples, Dubai is giving issuers a more explicit roadmap for how stablecoins and real-world-asset-linked structures are expected to be handled under its regime.
Source: Virtual Assets Regulatory Authority (VARA).
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