Dubai rolls out first-of-its-kind virtual asset issuance framework
The framework sets out requirements around governance, ongoing disclosure obligations and the treatment of asset-referenced virtual assets, including rules covering reserve assets, redemption rights and legal structuring
09 April, 2026
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Virtual Assets Regulatory Authority has issued new Guidance on its Virtual Assets Issuance Rulebook, establishing what it describes as the world’s first dedicated regulatory framework governing how digital assets are created, disclosed and distributed within a licensed environment.
The Guidance is designed to complement VARA’s existing issuance rulebook by providing market participants with a practical reference on how the regime applies across different types of virtual assets and issuers.
First-of-its-kind issuance framework
The document outlines three distinct issuance pathways: Category 1 Virtual Asset Issuances, which require licensing and apply to fiat-referenced and asset-referenced 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 of 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 disclosure-led regulatory approach, requiring issuers to publish detailed whitepapers and risk disclosure statements that are clear, accurate and accessible to users. These measures are intended to support informed decision-making and improve transparency across the virtual asset ecosystem.
It also clarifies the roles and responsibilities of issuers and licensed distributors, particularly for Category 2 issuances, where distributors must conduct due diligence and ensure ongoing compliance with regulatory requirements.
Ruben Bombardi, general counsel at 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.”
Governance and compliance expectations
The framework sets out requirements around governance, ongoing disclosure obligations and the treatment of asset-referenced virtual assets, including rules covering reserve assets, redemption rights and legal structuring.
VARA emphasised that compliance with issuance requirements does not amount to regulatory endorsement of any virtual asset or issuer, with responsibility remaining on market participants to assess risks and ensure adherence to applicable regulations.
The Guidance forms part of VARA’s broader efforts to build a transparent and well-regulated virtual assets ecosystem in Dubai, as demand for digital asset products continues to grow globally.
The Guidance on Virtual Asset Issuance is available on VARA’s official website.





















