Dubai’s Virtual Assets Regulatory Authority (VARA) has officially published the second version of its activity-based rulebooks.
VARA’s updated rulebook includes enhanced supervisory mechanisms across a wide range of regulated virtual asset activities. It says that these updates are designed to promote greater market discipline, risk transparency, and operational resilience across Dubai’s virtual asset ecosystem. The revised rules cover the following virtual asset activities:
- Advisory services
- Broker-dealer services
- Custody services
- Exchange services
- Lending and borrowing services
- Virtual asset management and investment services
- Virtual asset transfer and settlement services
VARA says it recognised the necessity to update its rulebook for virtual asset trading to align with global risk standards.
Refinements in the latest version of the regulatory rules include strengthened controls around margin trading and token distribution services, clearer definitions for collateral wallet arrangements, and harmonised compliance requirements across all licensed activities.
In line with global regulatory best practices, VARA has granted a 30-day transition period to all impacted virtual asset service providers (VASPs), with full compliance required by 19 June 2025. VARA’s Supervision Teams will engage directly with each licensed entity to provide activity-specific guidance as needed.
VARA also says the move marks the latest milestone in the region’s commitment to delivering a future-proof regulatory framework that balances innovation with robust market safeguards.
