Dubai clarifies token issuance rules for RWAs and stablecoins

Dubai’s regulator issued new guidance placing token launches into three buckets, tightening disclosure and governance standards for stablecoins, RWAs and other digital assets.

Dubai’s Virtual Assets Regulatory Authority (VARA) published detailed guidance on Thursday that clarifies how token issuers should structure, disclose and distribute virtual assets in the emirate, sharpening rules for stablecoins and real-world asset (RWA) tokens.

The document, which interprets VARA’s existing Virtual Asset Issuance Rulebook rather than creating new law, sets out three distinct issuance pathways and spells out who is responsible for what in each.

Rather than treating all tokens as if they pose the same risks, the framework draws clear lines between Category 1 issuances (including fiat-referenced virtual assets and asset-referenced virtual assets), Category 2 issuances that must be distributed via a VARA-licensed intermediary, and exempt virtual assets with limited functionality.

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