Dubai becomes first jurisdiction to introduce dedicated guidance on virtual asset issuance
Clear framework defines issuance pathways, disclosure rules, and compliance expectations
DUBAI – Dubai has taken a significant step in shaping the future of digital finance by becoming the first jurisdiction in the world to establish dedicated guidance on virtual asset issuance.
The announcement comes as the Virtual Assets Regulatory Authority (VARA) released its Guidance on the Virtual Assets Issuance Rulebook, marking a milestone in formalising how digital assets are created, disclosed and distributed within a licensed environment.
The move reinforces Dubai’s ambition to build a transparent and well-regulated virtual asset ecosystem while maintaining a strong focus on innovation.
Regulatory clarity
The newly issued Guidance complements VARA’s existing Virtual Assets Issuance Rulebook by offering market participants a detailed reference point for navigating the issuance landscape.
VARA issues the world’s first dedicated Guidance on Virtual Asset Issuance - defining how digital assets are created, disclosed, and distributed in a fully regulated environment.
— Virtual Assets Regulatory Authority (VARA) (@varadubai) April 9, 2026
A new benchmark for transparency, clarity, and responsible innovation.#VARA pic.twitter.com/5xjBSOZbQN
It outlines three distinct issuance pathways, providing clarity on how different types of virtual assets are regulated. Category 1 Virtual Asset Issuances require licensing and apply to fiat-referenced and asset-referenced assets, while Category 2 Issuances are facilitated through Licensed Distributors. A third category, Exempt Virtual Assets, is subject to limited requirements due to restricted functionality.
Transparency standards
The framework places strong emphasis on disclosure-led regulation, requiring issuers to provide comprehensive Whitepapers and Risk Disclosure Statements. These documents must be clear, accurate and accessible to prospective users, ensuring informed decision-making across the market. By strengthening transparency standards, VARA aims to promote accountability and reduce ambiguity in how virtual assets are presented and understood.
Matthew White, Chief Executive Officer of Virtual Assets Regulatory Authority, highlighted that clear issuance standards are essential for resilient and transparent markets. He noted that the Guidance supports innovation while reinforcing governance, robust disclosures and accountable practices.
Roles defined
The Guidance also clarifies the responsibilities of issuers and Licensed Distributors, particularly within Category 2 issuances. Distributors are required to carry out due diligence and continuously validate compliance with the Rulebook, ensuring that regulatory expectations are met throughout the lifecycle of a virtual asset. This structured approach aims to reduce risk and enhance trust within the ecosystem.
Ruben Bombardi, General Counsel at Virtual Assets Regulatory Authority, emphasised that trust is built through clarity and disclosure. He stated that by raising standards on how virtual assets are issued and communicated, the framework strengthens Dubai’s position as a jurisdiction supporting responsible innovation while safeguarding market integrity.
The Guidance further sets out expectations around governance, ongoing disclosure obligations and the treatment of asset-referenced virtual assets. It includes requirements related to reserve assets, redemption rights and legal structuring, ensuring that issuers maintain robust operational and financial safeguards.
Importantly, VARA has underlined that compliance with issuance requirements does not amount to regulatory endorsement of any virtual asset or issuer. Market participants remain responsible for adhering to all applicable rules and assessing associated risks. The publication reflects continued engagement with industry stakeholders, supporting the development of a transparent and structured virtual asset environment in Dubai.