Regulatory Alerts2025-06-19
Virtual Asset Issuance Rulebook
The Virtual Assets Regulatory Authority (VARA) of Dubai has issued the Virtual Asset Issuance Rulebook to establish a comprehensive regulatory framework for all entities issuing virtual assets within the Emirate. The rulebook mandates a three-tier categorization system requiring Category 1 issuers to obtain a VARA licence, Category 2 issuers to utilize licensed distributors, and exempt issuers to comply with ongoing supervision while prohibiting anonymity-enhanced cryptocurrencies. Issuers must submit approved whitepapers, maintain adequate reserve assets, conduct regular audits and redemptions, and adhere to strict capital, marketing, and disclosure obligations tailored to fiat-referenced and asset-referenced virtual assets.
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