Regulation · Regime · United Arab Emirates · Primary legislation · Virtual Assets Regulatory Authority

Dubai Virtual Assets and Related Activities Regulations 2023 (VARA regime)Updated 14 Oct 2026

Dubai's licensing regime for virtual asset activities in the emirate outside the DIFC, run by VARA through activity rulebooks (issuance, exchange, custody, lending and others). Under the Issuance Rulebook, issuing fiat-referenced or asset-referenced virtual assets is a Category 1 activity that needs a VARA licence, with reserve, redemption and disclosure rules in dedicated annexes. Version 2.0 of the rulebooks applied from June 2025.

In force

Key points

Issuing fiat-referenced virtual assets (stablecoins) or asset-referenced virtual assets is a Category 1 issuance requiring a VARA licence.^[1]
Category 1 issuers must meet specific rules on reserve assets and redemptions set out in annexes for each token type.^[1]
Some Category 2 tokens can be issued without the issuer holding its own licence if a VARA-licensed distributor is involved; whitepapers and risk disclosures are treated as legally binding.^[2]

What it covers

Stablecoin

Timeline

19 May 2025 · Amended
VARA publishes Version 2.0 of its activity rulebooks.^[3]
19 Jun 2025 · Transition ends
Full compliance with the Version 2.0 rulebooks required.^[3]
31 Mar 2026 · Amended
Exchange Services Rulebook Version 2.1 takes effect, adding a permanent regime for exchange-traded virtual asset derivatives.^[2]

Instruments

VARA Virtual Asset Issuance Rulebook (Version 2.0, 19 May 2025)Regulator rule or rulebook · In force · 19 Jun 2025

Deployments operating under it

Deployment	Status	Assets	Use cases	Last reviewed
PRYPCO Mint tokenised property title deedsNew PRYPCO	Live (limited)	Undisclosed	Primary issuance Secondary trading Asset servicing	Reviewed 17d ago
Billiton Diamond tokenised diamond inventory (Ctrl Alt, XRP Ledger)New Ctrl Alt	Pilot	Undisclosed	Asset servicing Secondary trading	Reviewed 13d ago

Likely relevant to

Deployment	Status	Assets	Use cases	Last reviewed
AE Coin UAE dirham stablecoinNew AED Stablecoin	Live (limited)	Stablecoin	Domestic payments Merchant payments	Reviewed 13d ago
DDSC UAE dirham stablecoinNew ADI Foundation	Live (limited)	Stablecoin	Primary issuance Payments Treasury management Cross-border payments	Reviewed 22d ago
Mastercard stablecoin settlement for issuers, acquirers and merchants Mastercard	Live (limited)	Stablecoin	Card settlement Cross-border payments	Reviewed 13d ago
Zand AED (AEDZ) dirham stablecoinNew Taurus	Announced	Stablecoin	Primary issuance Cross-border payments	Reviewed 13d ago

Sources

[1]Virtual Asset Issuance Rulebook (19 May 2025) — Virtual Assets Regulatory Authority, 19 May 2025. Accessed 12 Oct 2026.A
[2]A UAE virtual assets update: Key developments from the CMA, VARA, DFSA and FSRA — Clyde & Co, 7 May 2026. Accessed 14 Oct 2026.B
[3]VARA issues updated activity rulebooks to strengthen market integrity and risk oversight — Virtual Assets Regulatory Authority, 19 May 2025. Accessed 12 Oct 2026.A