• Three issuance pathways, with one unified standard for licensing, disclosure, and distribution
  • Whitepapers and Risk Disclosure Statements anchor a new investor-protection regime for digital assets

Dubai, UAE: The Virtual Assets Regulatory Authority (VARA) today issued its Guidance on the Virtual Assets Issuance Rulebook. The publication makes Dubai the first jurisdiction globally to codify how digital assets must be created, disclosed, and distributed within a fully licensed environment – the world’s first dedicated regulatory Guidance on Virtual Asset Issuance.

The Guidance complements VARA’s Virtual Assets Issuance Rulebook, offering market participants a practical reference for understanding how the issuance regime applies across different categories of virtual assets and different types of issuers.

A first-of-its-kind framework

The Guidance provides issuers, VASPs, and market participants with a single authoritative reference for navigating Dubai’s issuance regime, drawing clear lines between three distinct issuance pathways: Category 1 Virtual Asset Issuances, which require licensing and apply to fiat-referenced and asset-referenced Virtual Assets, Category 2 Issuances, which are facilitated through Licensed Distributors, and Exempt Virtual Assets, which are subject to limited requirements due to their restricted functionality.

Matthew White, Chief Executive Officer, VARA, said: “Clear issuance standards are fundamental to building resilient and transparent Virtual Asset markets. This Guidance provides practical clarity on how VARA’s framework applies across different issuance models, ensuring that innovation is supported by strong governance, robust disclosures, and accountable market practices.”

The Guidance reinforces VARA’s commitment to disclosure-led regulation, requiring issuers to provide comprehensive Whitepapers and Risk Disclosure Statements that are clear, accurate, and accessible to prospective users. These requirements are intended to enable informed decision-making and promote greater transparency across the ecosystem.

It also clarifies the respective responsibilities of issuers and Licensed Distributors, particularly in the context of Category 2 issuances, where distributors are required to conduct due diligence and ongoing validation of compliance with the Rulebook.

Ruben Bombardi, General Counsel, VARA, said: “Trust is built through clarity, and clarity begins with disclosure. By strengthening the standards around how virtual assets are issued and communicated to the market, this Guidance reinforces Dubai’s position as a jurisdiction that enables responsible innovation while safeguarding market integrity.”

Setting the global standard

The Guidance further outlines expectations relating to governance, ongoing disclosure obligations, and the treatment of Asset-Referenced Virtual Assets, including requirements around Reserve Assets, redemption rights, and legal structuring.

Importantly, VARA has emphasised that compliance with issuance requirements does not constitute regulatory endorsement of any virtual asset, issuer, or distribution activity. Market participants remain responsible for ensuring adherence to all applicable regulations and for assessing the risks associated with virtual assets.

The publication forms part of VARA’s ongoing engagement with industry stakeholders to support a transparent and well-regulated virtual asset ecosystem in Dubai.

The Guidance on Virtual Asset Issuance is available on VARA’s official website.

About VARA

Established in March 2022, following the effect of Law No. 4 of 2022, VARA is the competent entity in charge of regulating, supervising, and overseeing VAs and VA Activities in all commercial zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. VARA plays a central role in creating Dubai's advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.

For media queries, please contact:
VARA Media Contact   
Cathal Burke   
cathal.burke@vara.ae