Dubai Eyes Virtual Assets: Gold Tokenization and Decentralized Finance Ahead

The Dubai Virtual Assets Regulatory Authority (VARA) has issued a total of 36 full licenses to entities operating within the virtual assets sector. This information comes from Matthew White, the CEO of VARA, who highlighted the authority's ongoing reception of licensing applications from global entities interested in expanding their operations in Dubai.

Currently, there are hundreds of entities at various stages of the licensing process with VARA. The authority is actively involved in facilitating these entities by helping them understand regulatory frameworks to ensure full compliance. The ecosystem encompasses over 400 registered entities engaged in diverse activities ranging from proprietary trading to providing blockchain technology services and other supportive operations.

White also discussed a partnership between VARA and the Dubai Land Department that began in early 2025. This collaboration aims to launch an innovative regulatory initiative allowing for "fractional ownership" of properties using symbolic assets.

Additionally, the authority is exploring new pilot projects that include gold and decentralized finance products. These initiatives provide a digital alternative to traditional finance and are currently under study.