The Dubai Virtual Assets Regulatory Authority (“VARA") was established and authorised by Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai (“Dubai VA Law") to regulate Virtual Assets and Virtual Asset Service Providers (“VASPs").
 

This Guidance on the Virtual Assets Issuance Rulebook (“Guidance on VA Issuance") is issued pursuant to the Virtual Assets and Related Activities Regulations 2023 (“Regulations") and the Virtual Assets Issuance Rulebook (“VA Issuance Rulebook").
 

The purpose of this Guidance on VA Issuance is to provide Guidance on the application of the VA Issuance Rulebook as it pertains to the issuance of Virtual Assets by Entities in the Emirate. This Guidance on VA Issuance includes Guidance on, but not limited to, the regulatory requirement to have a Licence for the issuance of Virtual Assets under different categories, details of the disclosures to be made in Whitepapers and additional compliance requirements for the Issuers of Asset-Referenced Virtual Assets (“ARVAs").
 

As per Regulation I.B.4, all Guidance is indicative and only comprises information as further elaboration or explanation on the application of the Regulations, Rulebooks or Directives. This Guidance on VA Issuance is not a substitute for the Regulations, Rulebooks, Directives or independent legal advice. As such, readers are encouraged to use this Guidance on VA Issuance to aid their understanding of the scope and application of relevant provisions of the Regulations, Rulebooks and Directives.
 

Capitalised terms used in this Guidance on VA Issuance have the meanings defined herein or as defined in Schedule 1.