Dubai is mulling tokenised gold and decentralised finance (DeFi) investment projects, following the success of recent real estate projects.
The news emerges as the Dubai Virtual Assets Regulatory Authority (VARA) revealed it has so far issued 36 full licences to entities operating in the virtual assets sector.
Matthew White, CEO of VARA, said several hundred entities are currently at various stages of the licensing process, and new applications continue to be received from global firms seeking to expand in Dubai.
VARA looks to expand Dubai crypto investment options
He noted that the ecosystem now includes more than 400 registered entities involved in activities ranging from proprietary trading to blockchain technology services and other supporting operations.
White highlighted VARA’s strategic partnership with Dubai Land Department, launched in early 2025, aimed at enabling an innovative regulatory initiative that allows for fractional ownership of real estate through tokenised assets.
He explained that this fractional ownership model enables individuals to own a share of a property without purchasing it in full, broadening access to real estate investment for those unable to buy entire properties.
This model has reinforced Dubai’s position as a global hub for real estate innovation and digital assets.
The pilot phase of the project successfully listed two properties under the fractional ownership framework, attracting around 300 investors, 70 percent of whom were first-time property owners in Dubai.
This, White said, demonstrates the project’s appeal to new local and international investor segments.
He expects that tokenised real estate will soon be included on trading platforms, enabling more accessible and liquid exchange of such assets.
White also revealed that VARA is currently working on new pilot projects involving gold and decentralised finance (DeFi) products, which are being evaluated as digital alternatives to traditional finance.
He stressed that VARA is committed to building a fully integrated regulatory environment that fosters innovation while ensuring the highest standards of legal certainty and investor protection.
White noted that VARA’s core responsibilities include establishing an enabling and supportive regulatory framework, promoting Dubai as a global centre for virtual assets, enhancing cooperation with international and local entities, and developing intelligent oversight tools to ensure compliance.
The Authority also plays a key role in driving the growth of the digital economy.
He affirmed that VARA does not operate in isolation but works in coordination with other regulatory bodies in the UAE, including:
- Securities and Commodities Authority
- Central Bank of the UAE
- Dubai Police
- Department of Economy and Tourism
- Other government institutions
White added VARA has adopted a comprehensive supervisory and inspection framework, which begins with issuing clear and simplified regulatory guidelines.
These include a detailed marketing rulebook with visual examples to help companies understand acceptable and non-compliant practices.
Companies are also required to submit detailed data such as customer profiles, transaction records and funding sources, enabling VARA to analyse them using both automated and manual tools to ensure compliance.
He added that VARA maintains a dedicated enforcement track, which investigates violations identified by supervisory teams and refers cases for actions such as issuing warnings, imposing fines, or revoking licences.
He confirmed that VARA actively monitors and addresses any unauthorised activity within the emirate.
White said the Authority employs a “horizon scanning” system to detect unlicensed operations online or via other media, allowing legal action to be taken against violators, including closure of activities and seizure of proceeds if potential harm to the market is confirmed.
Speaking about VARA’s future legislative strategy, White described the Authority as a flexible regulator operating experimental regulatory programmes that allow it to assess risks from emerging business models and establish preliminary regulatory frameworks under direct supervision before integrating them into the full regulatory ecosystem.
He noted that the establishment of VARA in 2022 marked a strategic milestone in line with the Dubai Economic Agenda D33, which aims to double the size of the emirate’s economy over the next decade.
He emphasised that VARA, as the world’s first specialised regulator for virtual assets, was created not only to ensure a sound regulatory environment, but also to act as a key engine for sector growth, bolstering investor confidence and encouraging specialist entities to choose Dubai as their base.
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