Dubai releases updated guidelines for RWA and stablecoin issuance.

The Dubai Virtual Asset Regulatory Authority (VARA) has released detailed guidelines clarifying the structure, disclosure, and distribution regulations for token issuers in the emirate. The document interprets VARA's existing rulebook for virtual asset issuance, categorizing token issuance into three types: the first type covers fiat-backed virtual assets and asset-backed virtual assets; the second type must be distributed through VARA-licensed intermediaries; and the third type comprises exempted virtual assets with limited functionality. VARA General Counsel Ruben Bombardi stated that the framework aims to provide market participants with a more targeted regulatory path and legal clarity by increasing transparency regarding asset characteristics and risks.