Regulatory Tracker

VARA is Dubai's dedicated virtual asset regulator, established in 2022. It provides licensing for virtual asset service providers, tokenization platforms, and RWA issuers operating in Dubai. VARA compliance is required for any tokenized asset offering in the Emirate.

The DFSA regulates financial services in the Dubai International Financial Centre (DIFC), an independent financial free zone. It oversees investment funds, securities, banking, and increasingly digital assets and tokenized securities within DIFC.

The SEC regulates securities in the US, including tokenized securities. Most major institutional RWA products (BlackRock BUIDL, Ondo USDY, Franklin BENJI) are registered or exempt under SEC rules. The SEC's stance on crypto-native RWA remains in flux.

MiCA is the EU's comprehensive crypto regulation framework, fully in force since December 2024. It establishes rules for crypto-asset issuers and service providers across all EU member states, providing regulatory clarity for tokenized assets operating in Europe.

The UK is replacing its light-touch crypto oversight with a full regime. Under the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, operating a trading platform, dealing, arranging, safeguarding, staking and issuing stablecoins become regulated activities from 25 October 2027, including for overseas firms serving UK consumers. Until then the FCA's reach is financial promotions and anti-money-laundering registration. Firms that want transitional arrangements must apply between 30 September 2026 and 28 February 2027; existing registrations do not convert automatically (FCA PS26/18).