emirates7 - The Dubai Virtual Assets Regulatory Authority (VARA) has granted 36 full licences to companies operating in the virtual assets sector so far.
Matthew White, VARA’s CEO, told Emirates News Agency (WAM) that several hundred more entities are currently progressing through the licensing process, with global firms continuing to submit new applications to establish operations in Dubai.
He said the virtual asset ecosystem in Dubai has grown to include more than 400 registered companies involved in a range of activities, including proprietary trading, blockchain services, and other supporting operations.
White also highlighted a strategic partnership between VARA and the Dubai Land Department, launched in early 2025, which introduced a pioneering regulatory initiative enabling fractional real estate ownership through tokenised assets.
This model allows individuals to invest in portions of property ownership without needing to purchase entire units, making real estate investment more accessible, especially for those previously unable to enter the market. According to White, this approach has further strengthened Dubai’s reputation as a global leader in both real estate innovation and digital asset development.
In the pilot phase, two properties were listed under this fractional ownership scheme, drawing about 300 investors—70 percent of whom were first-time property owners in Dubai. This, White noted, demonstrates the project’s ability to attract a new and diverse pool of investors from both local and international markets.
He added that tokenised real estate assets are expected to soon be traded on platforms, increasing their liquidity and accessibility.
Looking ahead, White revealed that VARA is exploring pilot projects involving digital gold and decentralised finance (DeFi) products. These are being assessed as innovative digital alternatives to conventional financial tools.
He emphasised VARA’s commitment to creating a comprehensive and integrated regulatory system that nurtures innovation while upholding strong legal protections and investor safeguards.
White outlined VARA’s core mandate, which includes developing a robust regulatory framework, promoting Dubai as a global hub for virtual assets, fostering collaboration with both local and international entities, and implementing smart oversight tools for monitoring compliance. He added that VARA plays a crucial role in supporting the digital economy’s expansion.
He stressed that VARA operates in coordination with other UAE regulators, such as the Securities and Commodities Authority, the Central Bank, Dubai Police, and the Department of Economy and Tourism, as well as other government bodies.
Regarding oversight and enforcement, White explained that VARA has implemented a rigorous supervisory framework that starts with issuing clear, easy-to-understand guidelines. These include a detailed marketing rulebook, complete with visual aids, to help businesses distinguish between compliant and non-compliant practices. Companies are also required to submit extensive data, including customer profiles, transaction histories, and funding sources, which VARA evaluates using both automated and manual methods to ensure adherence to regulations.
He added that VARA operates an enforcement arm that investigates violations, with possible actions including warnings, fines, and licence revocations. The Authority also actively monitors for any unlicensed activity within Dubai.
To support this, VARA uses a "horizon scanning" system that detects unregulated operations through online and other media channels, allowing the Authority to initiate legal action against violators, which can include shutting down operations and confiscating funds if harm to the market is established.
Looking to the future, White described VARA as a dynamic and adaptive regulator. He said the Authority runs experimental programmes to assess risks from emerging business models and design preliminary regulations under direct supervision, which are then incorporated into the broader regulatory structure.
He concluded by noting that the creation of VARA in 2022 represented a major milestone aligned with the Dubai Economic Agenda D33, which seeks to double the emirate’s economy within the next ten years. As the world’s first specialised virtual assets regulator, VARA was established not only to ensure regulatory soundness but also to drive sectoral growth, boost investor confidence, and attract leading digital asset firms to Dubai.
Matthew White, VARA’s CEO, told Emirates News Agency (WAM) that several hundred more entities are currently progressing through the licensing process, with global firms continuing to submit new applications to establish operations in Dubai.
He said the virtual asset ecosystem in Dubai has grown to include more than 400 registered companies involved in a range of activities, including proprietary trading, blockchain services, and other supporting operations.
White also highlighted a strategic partnership between VARA and the Dubai Land Department, launched in early 2025, which introduced a pioneering regulatory initiative enabling fractional real estate ownership through tokenised assets.
This model allows individuals to invest in portions of property ownership without needing to purchase entire units, making real estate investment more accessible, especially for those previously unable to enter the market. According to White, this approach has further strengthened Dubai’s reputation as a global leader in both real estate innovation and digital asset development.
In the pilot phase, two properties were listed under this fractional ownership scheme, drawing about 300 investors—70 percent of whom were first-time property owners in Dubai. This, White noted, demonstrates the project’s ability to attract a new and diverse pool of investors from both local and international markets.
He added that tokenised real estate assets are expected to soon be traded on platforms, increasing their liquidity and accessibility.
Looking ahead, White revealed that VARA is exploring pilot projects involving digital gold and decentralised finance (DeFi) products. These are being assessed as innovative digital alternatives to conventional financial tools.
He emphasised VARA’s commitment to creating a comprehensive and integrated regulatory system that nurtures innovation while upholding strong legal protections and investor safeguards.
White outlined VARA’s core mandate, which includes developing a robust regulatory framework, promoting Dubai as a global hub for virtual assets, fostering collaboration with both local and international entities, and implementing smart oversight tools for monitoring compliance. He added that VARA plays a crucial role in supporting the digital economy’s expansion.
He stressed that VARA operates in coordination with other UAE regulators, such as the Securities and Commodities Authority, the Central Bank, Dubai Police, and the Department of Economy and Tourism, as well as other government bodies.
Regarding oversight and enforcement, White explained that VARA has implemented a rigorous supervisory framework that starts with issuing clear, easy-to-understand guidelines. These include a detailed marketing rulebook, complete with visual aids, to help businesses distinguish between compliant and non-compliant practices. Companies are also required to submit extensive data, including customer profiles, transaction histories, and funding sources, which VARA evaluates using both automated and manual methods to ensure adherence to regulations.
He added that VARA operates an enforcement arm that investigates violations, with possible actions including warnings, fines, and licence revocations. The Authority also actively monitors for any unlicensed activity within Dubai.
To support this, VARA uses a "horizon scanning" system that detects unregulated operations through online and other media channels, allowing the Authority to initiate legal action against violators, which can include shutting down operations and confiscating funds if harm to the market is established.
Looking to the future, White described VARA as a dynamic and adaptive regulator. He said the Authority runs experimental programmes to assess risks from emerging business models and design preliminary regulations under direct supervision, which are then incorporated into the broader regulatory structure.
He concluded by noting that the creation of VARA in 2022 represented a major milestone aligned with the Dubai Economic Agenda D33, which seeks to double the emirate’s economy within the next ten years. As the world’s first specialised virtual assets regulator, VARA was established not only to ensure regulatory soundness but also to drive sectoral growth, boost investor confidence, and attract leading digital asset firms to Dubai.