Dubai: The Dubai Virtual Assets Regulatory Authority (VARA) has issued 36 full licences to entities operating within the virtual assets sector. Matthew White, Chief Executive Officer of VARA, shared insights about the Authority’s ongoing initiatives with Emirates News Agency (WAM), revealing that several hundred entities are at various stages of the licensing process and that new applications are continually being received from global firms eager to expand in Dubai.

According to Emirates News Agency, the ecosystem now comprises over 400 registered entities engaged in activities such as proprietary trading, blockchain technology services, and other supporting operations. White emphasized VARA’s strategic partnership with the Dubai Land Department, established in early 2025, which aims to enable fractional ownership of real estate through tokenised assets. This model allows individuals to own a share of a property, enhancing access to real estate investment for those unable to purchase entire properties, thereby solidifying Dubai’s stance as a global hub for real estate innovation and digital assets.

The pilot phase of this initiative successfully listed two properties under the fractional ownership framework, attracting 300 investors, 70 percent of whom were first-time property owners in Dubai. This demonstrates the project’s appeal to new investor segments, both locally and internationally. White anticipates that tokenised real estate will soon be traded on platforms, offering more accessible and liquid exchange of such assets.

VARA is also exploring new pilot projects involving gold and decentralised finance (DeFi) products, assessing their viability as digital alternatives to traditional finance. White affirmed VARA’s commitment to fostering innovation while maintaining high standards of legal certainty and investor protection. He highlighted VARA’s role in establishing a supportive regulatory framework, promoting Dubai as a global centre for virtual assets, and enhancing cooperation with both international and local entities.

White underscored VARA’s collaboration with other regulatory bodies in the UAE, including the Securities and Commodities Authority, the Central Bank of the UAE, Dubai Police, and the Department of Economy and Tourism. VARA employs a comprehensive supervisory and inspection framework, issuing clear regulatory guidelines and requiring companies to submit detailed data for compliance analysis.

The Authority has a dedicated enforcement track to investigate and address violations, taking actions such as issuing warnings, imposing fines, or revoking licences. VARA’s “horizon scanning” system detects unlicensed operations, enabling legal action against violators, including the closure of activities and seizure of proceeds if market harm is identified.

Discussing future legislative strategies, White described VARA as a flexible regulator conducting experimental regulatory programmes to assess risks from emerging business models. VARA was established in 2022 as part of the Dubai Economic Agenda D33, which aims to double the emirate’s economy over the next decade. As the world’s first specialised regulator for virtual assets, VARA was created to ensure a robust regulatory environment and to serve as a growth engine for the sector, boosting investor confidence and attracting specialist entities to Dubai.

Dubai: The Dubai Virtual Assets Regulatory Authority (VARA) has issued 36 full licences to entities operating within the virtual assets sector. Matthew White, Chief Executive Officer of VARA, shared insights about the Authority’s ongoing initiatives with Emirates News Agency (WAM), revealing that several hundred entities are at various stages of the licensing process and that new applications are continually being received from global firms eager to expand in Dubai.

According to Emirates News Agency, the ecosystem now comprises over 400 registered entities engaged in activities such as proprietary trading, blockchain technology services, and other supporting operations. White emphasized VARA’s strategic partnership with the Dubai Land Department, established in early 2025, which aims to enable fractional ownership of real estate through tokenised assets. This model allows individuals to own a share of a property, enhancing access to real estate investment for those unable to purchase entire properties, thereby solidifying Dubai’s stance as a global hub for real estate innovation and digital assets.

The pilot phase of this initiative successfully listed two properties under the fractional ownership framework, attracting 300 investors, 70 percent of whom were first-time property owners in Dubai. This demonstrates the project’s appeal to new investor segments, both locally and internationally. White anticipates that tokenised real estate will soon be traded on platforms, offering more accessible and liquid exchange of such assets.

VARA is also exploring new pilot projects involving gold and decentralised finance (DeFi) products, assessing their viability as digital alternatives to traditional finance. White affirmed VARA’s commitment to fostering innovation while maintaining high standards of legal certainty and investor protection. He highlighted VARA’s role in establishing a supportive regulatory framework, promoting Dubai as a global centre for virtual assets, and enhancing cooperation with both international and local entities.

White underscored VARA’s collaboration with other regulatory bodies in the UAE, including the Securities and Commodities Authority, the Central Bank of the UAE, Dubai Police, and the Department of Economy and Tourism. VARA employs a comprehensive supervisory and inspection framework, issuing clear regulatory guidelines and requiring companies to submit detailed data for compliance analysis.

The Authority has a dedicated enforcement track to investigate and address violations, taking actions such as issuing warnings, imposing fines, or revoking licences. VARA’s “horizon scanning” system detects unlicensed operations, enabling legal action against violators, including the closure of activities and seizure of proceeds if market harm is identified.

Discussing future legislative strategies, White described VARA as a flexible regulator conducting experimental regulatory programmes to assess risks from emerging business models. VARA was established in 2022 as part of the Dubai Economic Agenda D33, which aims to double the emirate’s economy over the next decade. As the world’s first specialised regulator for virtual assets, VARA was created to ensure a robust regulatory environment and to serve as a growth engine for the sector, boosting investor confidence and attracting specialist entities to Dubai.