Dubai’s Virtual Assets Regulatory Authority (VARA) has issued 36 full licenses to virtual asset firms and registered over 400 entities involved in trading, blockchain services, and support activities. According to CEO Matthew White, hundreds more are in various stages of licensing, and global companies continue to apply.
In early 2025, VARA partnered with Dubai Land Department to launch a regulatory initiative enabling fractional property ownership through tokenized assets. The pilot phase included two properties co-owned by 300 investors, 70% of whom were first-time property owners in Dubai. White expects tokenized real estate to soon be tradable on public platforms.
VARA is also exploring tokenized gold and decentralized finance (DeFi) products as part of its experimental initiatives. These are currently under review and reflect Dubai’s push to provide digital alternatives to traditional finance.
White emphasized VARA’s mission to build a balanced regulatory framework that encourages innovation while ensuring legal security and investor protection. The authority works closely with UAE regulators like the Securities and Commodities Authority, the Central Bank, and Dubai Police.
VARA uses a comprehensive supervision model that includes clear marketing guidelines, mandatory data reporting on clients and transactions, and AI-powered analytics to detect non-compliance. It also enforces regulations through warnings, fines, or license suspensions, and shuts down unlicensed activity using a “horizon-scanning” system to track online violations.
As part of its future strategy, VARA operates regulatory sandbox programs that test new business models under close supervision. These trials help craft initial frameworks, which may later become part of the formal regulatory system.
Established in 2022, VARA is the world’s first dedicated virtual asset regulator. It plays a strategic role in Dubai’s D33 plan to double the emirate’s economy by 2033. Its presence gives investors confidence and positions Dubai as a global hub for virtual assets.