The VARA Virtual Asset Issuance Rulebook is a Dubai regulatory rulebook for entities that issue virtual assets in the Emirate in the course of business. As of June 16, 2026, VARA lists the current rulebook as effective from June 19, 2025, with the current version dated May 19, 2025.
The rulebook sits within Dubai’s virtual asset regulatory framework and is issued by the Dubai Virtual Assets Regulatory Authority under the Virtual Assets and Related Activities Regulations 2023. The wider Dubai virtual asset legal framework applies across the Emirate, including free zones, while excluding the Dubai International Financial Centre.
Key Provisions of the VARA Virtual Asset Issuance Rulebook
The rulebook divides virtual asset issuances into three broad categories: Category 1 VA Issuances, Category 2 VA issuances, and Exempt VAs. Category 1 covers fiat-referenced virtual assets, asset-referenced virtual assets, and other assets VARA may determine, and requires a VARA Licence before issuance. Category 2 covers non-Category 1, non-exempt issuances; the issuer does not require a VARA licence, but placement or distribution must be carried out through or by a Licensed Distributor. Exempt VAs include certain non-transferable and redeemable closed-loop virtual assets, with no prior issuance requirement, subject to the rulebook’s conditions.
The rulebook also prohibits issuance of anonymity-enhanced cryptocurrencies and all related virtual asset activities in the Emirate. That provision maps the rulebook to CryptoSlate topics for token issuance, privacy coins, licensing, disclosures, and stablecoin-style asset categories.
Whitepapers, Risk Disclosures, and Issuer Conduct
For non-exempt issuances, VARA requires issuers to publish both a Whitepaper and a Risk Disclosure Statement. The rulebook states that the Whitepaper must provide relevant disclosures in a single, easily accessible location and remain accurate and complete while the virtual asset is available to the public.
General issuer conduct rules address integrity, honesty, fairness, diligence, capabilities and resources, effective communications, legal compliance, and environmental responsibility. Category 1 issuers face additional requirements, including compliance with the Company Rulebook, Compliance and Risk Management Rulebook, Technology and Information Rulebook, and Market Conduct Rulebook, in addition to the VA Issuance Rulebook.
Supervision, Enforcement, and Guidance
VARA retains supervisory, examination, and enforcement powers over all categories covered by the VA Issuance Rulebook. The rulebook states that VARA may require an issuer to suspend issuance or further issuance if VARA believes the virtual asset, the issuance, or the issuer does not comply with the rulebook, and may impose additional conditions or take further enforcement action.
VARA later published official guidance dated April 9, 2026. The guidance explains the application of the VA Issuance Rulebook, including licensing requirements, whitepaper disclosures, and additional compliance requirements for issuers of asset-referenced virtual assets. The guidance states that it is indicative and is not a substitute for the Regulations, Rulebooks, Directives, or independent legal advice.
Status and Jurisdictional Impact
For CryptoSlate profile purposes, the rulebook should be treated as an in-force Dubai regulatory rulebook mapped to the United Arab Emirates jurisdiction term, with an editorial note that its operative scope is Dubai, excluding DIFC. This profile is a legal-reference summary only and does not provide legal, tax, compliance, investment, or trading advice.