Dubai’s Virtual Assets Regulatory Authority (VARA) has signed a Memorandum of Understanding (MoU) with Securitize, a tokenization platform backed by BlackRock, to enhance digital asset infrastructure in the United Arab Emirates. The agreement aims to foster regulated tokenization initiatives, attract talent and expertise, and explore the operation of tokenized financial products under Dubai’s regulatory framework.
The partnership follows VARA’s recent approval of its 50th virtual asset service provider (VASP) license, granted to Tribe Tokenisation FZE in early July. The MoU does not specify immediate projects but seeks to align VARA’s regulatory oversight with Securitize’s institutional tokenization experience. Carlos Domingo, Securitize’s co-founder and CEO, highlighted Dubai’s position as a “world’s most forward-looking jurisdiction for digital asset innovation.”
Data from RWA.xyz indicates a 103% rise in tokenized asset holders over 30 days, reaching 3.2 million, while the total value of tokenized assets increased by 2% to $38.5 billion. Securitize currently manages $4.9 billion in tokenized assets, alongside Ondo Finance, which oversees $3.5 billion.
Separately, the London Stock Exchange is reportedly partnering with Kraken to launch tokenized stock trading, though details remain unconfirmed. VARA’s spokesperson stated the MoU’s focus is on creating a “collaborative framework” to support trusted, regulated tokenized markets in Dubai.
Written by Rebecca Shaw
Industry Desk
