The latest guidelines released by Dubai's cryptocurrency regulatory authority include provisions regarding the tokenization of real-world assets (RWA) and clarify the rules for issuers.
On May 19, the Dubai Virtual Assets Regulatory Authority (VARA) published an updated rulebook for virtual asset service providers (VASP) operating in the region. The regulator requires market participants to comply with the new regulations by June 19.
Previously, the regulator informed Cointelegraph that it had strengthened its oversight mechanisms and unified activity-based rules. One notable change is the regulatory clarity regarding real-world asset (RWA) tokens.
Irina Heaver, a partner at NeosLegal, a law firm based in the United Arab Emirates, told Cointelegraph that the updated rules clarify the issuance and distribution of RWAs.
Heaver said to Cointelegraph, "Issuing real-world asset tokens and listing them on secondary markets in Dubai and the broader UAE is no longer a theoretical matter, but a regulatory reality."
Heaver compared RWAs to security token offerings (STO), which were an early attempt in the crypto space to tokenize securities such as stocks, bonds, and real estate investment trusts. However, this UAE crypto lawyer noted that STOs "quietly faded away" between 2018 and 2019.
The lawyer told Cointelegraph that the failure of STOs was due to a lack of regulatory clarity, viable secondary market trading venues, institutional investor interest, and liquidity.
But the situation for RWAs is different. Heaver told Cointelegraph that RWAs represent the next foundational layer for institutions adopting blockchain and virtual assets. She mentioned that VARA's new rules have categorized them under Asset Referencing Virtual Assets (ARVA) tokens. She said:
"VARA's newly updated 'Virtual Asset Issuance Rulebook' (May 2025) directly addresses these failures. Regulated exchanges and broker-dealers in Dubai are now authorized to distribute and list ARVA tokens."
The lawyer stated that this resolves issues present in jurisdictions like Switzerland, where token issuance is possible, but listing and secondary trading remain unregulated.
Heaver indicated that under Dubai law, ARVA tokens are defined as representing direct or indirect ownership of real-world assets, granting holders the right to receive or share income, and claiming to maintain stable value by referencing real-world assets or income.
ARVA tokens are also backed or collateralized by such real-world assets or constitute derivatives, wrappers, replicas, or fractionalized versions of another ARVA.
The lawyer stated that issuers must meet specific requirements, including holding a Class 1 virtual asset issuance license, providing a comprehensive white paper, and a risk disclosure statement.
Additionally, issuers must have 1.5 million UAE dirhams (approximately $408,000) or hold 2% of paid-in capital in reserve assets. Issuers are also required to undergo monthly independent audits and comply with ongoing regulatory oversight.
Heaver told Cointelegraph, "VARA provides regulatory clarity, offering the industry a viable and enforceable path to turn the wave of RWA tokenization into reality. This is significant as it marks a transition from theory to execution, from fiction to framework."
Related: Pakistan creates a digital asset management bureau to regulate cryptocurrency
Original article: “Lawyer: Dubai Regulator Clarifies Rules for Real-World Asset (RWA) Tokenization”
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