Dubai’s Virtual Assets Regulatory Authority (VARA) has granted 36 full licences to companies operating in the digital assets sector, as it continues to expand regulatory oversight and infrastructure for the growing market.
VARA CEO Matthew White told Emirates News Agency (WAM) that several hundred firms are currently at various stages of the licensing process. Over 400 entities are now registered with VARA, involved in activities such as proprietary crypto trading, blockchain infrastructure, and related services. He noted that global interest in entering the Dubai market remains strong.
As part of its broader strategy, VARA launched a partnership with the Dubai Land Department earlier this year to pilot tokenised real estate offerings. The initiative, which allows for fractional property ownership, listed two properties and drew nearly 300 investors, 70% of whom were first-time property buyers in Dubai. The move aims to expand access to the emirate’s real estate market and integrate blockchain into physical asset ownership.
White confirmed that tokenised real estate is expected to be listed on trading platforms, making such investments more liquid and accessible. He also said that VARA is running pilot programmes involving gold-backed digital products and decentralised finance (DeFi) models to assess their regulatory implications.
On compliance, VARA operates a supervisory framework that includes clear regulatory guidelines, a detailed marketing rulebook, and requirements for data submission on customers and transactions. Enforcement measures include warnings, fines, licence revocations, and legal action against unauthorised firms. A “horizon scanning” tool helps detect unlicensed operations online, enabling seizure of proceeds when applicable.
Established in 2022, VARA works alongside other UAE regulators, including the Securities and Commodities Authority, Central Bank, Dubai Police and the Department of Economy and Tourism. White said the authority supports Dubai’s Economic Agenda D33, which aims to double the size of the emirate’s economy by 2033, and is intended to both ensure compliance and promote Dubai as a centre for virtual assets and fintech innovation.
