CRYPTO LAW PROFILE
VARA Virtual Asset Issuance Rulebook
Dubai VARA rulebook governing business issuance of virtual assets, including Category 1 licensed issuances, Category 2 distributor-led issuances, exempt VAs, whitepapers, risk disclosures, and supervision powers.
IDENTIFIERVARA_EN_293_VER20250519
ENACTED—
LAST VERIFIED2026-06-16
SUMMARY
At a glance
Status
In force from 19 Jun 2025; current version dated 19 May 2025.
Scope
Applies to entities in the Emirate issuing virtual assets in the course of business.
Dormancy
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Administrator
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LEGISLATIVE RECORD
Bill details
Bill number—
Session—
Chamber—
Legislative stageEffective
EXPLAINER
Overview
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.
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
Status and timeline
| 2023-02-07 | Initial rulebook version |
| 2023-09-19 | Second version listed |
| 2024-10-01 | Third version listed |
| 2025-05-19 | Current version dated |
| 2025-06-19 | Current version effective |
| 2026-04-09 | Official guidance published |
WHAT IT DOES
Key provisions
Business issuance scope
Entities in the Emirate issuing a virtual asset in the course of business must comply with the VA Issuance Rulebook.
Anonymity-enhanced asset prohibition
The rulebook states that issuing anonymity-enhanced cryptocurrencies and related VA activities are prohibited in the Emirate.
Issuance categories
Issuances are categorized as Category 1, Category 2, or Exempt VAs, with different licensing, distribution, or prior-approval consequences.
Category 1 licensing
Category 1 VA Issuance, including FRVAs and ARVAs, requires a VARA Licence and compliance with applicable compulsory rulebooks and annexes.
Whitepapers and risk disclosures
Non-exempt issuers must publish both a Whitepaper and Risk Disclosure Statement; Category 1 issuers face added disclosure obligations.
Supervision and enforcement
VARA may require suspension of issuance, impose conditions, request records, and take enforcement action for rulebook non-compliance.
HISTORY
Status and timeline
Initial rulebook version
VARA lists V.1 of the Virtual Asset Issuance Rulebook as dated 7 February 2023.
EnactedSource ↗
Second version listed
VARA lists V.2 of the rulebook as dated 19 September 2023.
EnactedSource ↗
Third version listed
VARA lists V.3 of the rulebook as dated 1 October 2024.
EnactedSource ↗
Current version dated
The current PDF version of the VA Issuance Rulebook is dated 19 May 2025.
EnactedSource ↗
Current version effective
VARA’s rulebook page lists the current VA Issuance Rulebook as effective from 19 June 2025.
In forceSource ↗
Official guidance published
VARA published guidance explaining application of the VA Issuance Rulebook.
EnactedSource ↗
COVERAGE
Who it affects
Actors
government-of-dubaivirtual-assets-regulatory-authority-varadubai-virtual-assets-regulatory-authority
Asset classes
virtual-assetsasset-referenced-virtual-assetsanonymity-enhanced-cryptocurrenciesfiat-referenced-virtual-assets
PRIMARY REFERENCES
Official sources
↗
Virtual Asset Issuance RulebookVARA · Rulebook page · enOfficial
↗Virtual Asset Issuance Rulebook PDFVARA · Rulebook PDF · enOfficial
↗Virtual Assets and Related Activities Regulations 2023VARA · Regulations page · enOfficial
↗Guidance on the Virtual Asset Issuance RulebookVARA · Guidance PDF · enOfficial
↗Law No. (4) of 2022 Regulating Virtual Assets in DubaiDubai SLC / VARA · Law PDF · enOfficial
RELATED COVERAGE
Coverage
Editorial note
Mapped as an in-force non-U.S. regulation. Jurisdiction taxonomy uses United Arab Emirates, but the operative scope is Dubai, excluding DIFC. The 2025 rulebook is listed by VARA as effective from 19 June 2025, while the PDF current version is dated 19 May 2025.