According to the press release, the updated Rulebooks include enhanced supervisory mechanisms across the following regulated virtual asset (VA) activities:

• Advisory services
• Broker-dealer services
• Custody services
• Exchange services
• Lending and borrowing services
• VA management and investment services
• VA transfer and settlement services
• Virtual Asset Issuance Rulebook

Key refinements in Version 2 include "strengthened controls around margin trading and token distribution services, clearer definitions for collateral wallet arrangements, and harmonised compliance requirements across all licensed activities." The updates are designed to "promote greater market discipline, risk transparency, and operational resilience across Dubai’s VA ecosystem."

A 30-day transition period has been granted to all impacted virtual asset service providers, with full compliance required by 19 June 2025. VARA’s Supervision Teams will engage directly with each licensed entity to provide activity-specific guidance as needed.

Virtual asset service providers licensed to carry out custody services may now, with specific additional approval from VARA, provide staking services to their customers from the same legal entity and without obtaining a separate licence for VA Management and Investment Services.

Additional licensing and supervision fees will be payable in connection with the provision of this additional service.

The regulatory framework is focused on the risks that each virtual asset activity presents to the market, and seeks to provide virtual asset service providers (VASPs) with a "clear framework of rules which apply to their particular operations and business models, while maintaining a baseline market standard of compliance across core regulatory domains."

VASPs that fulfil VARA's licensing requirements will be required to comply with four Compulsory Rulebooks:

Company Rulebook;

Compliance & Risk Management Rulebook;

Technology & Information Rulebook; and 

Market Conduct Rulebook.

Additionally, seven activity-specific Rulebooks have been developed to cater for risks associated with the provision of each virtual asset activity:

Advisory Services Rulebook;

Broker-Dealer Services Rulebook;

Custody Services Rulebook;

Exchange Services Rulebook;

Lending & Borrowing Services Rulebook;

Payments & Remittances Services Rulebook; and 

Management & Investment Services Rulebook.

VASPs will be required to comply with each activity Rulebook only if they are licensed by VARA to offer the activity.

According to the press release, the guidance reflects VARA’s objective to provide a "progressive framework" that can enable borderless economic opportunity, without compromising market security, across the global Virtual Assets industry.

The regulations specifically address "marketing and communications activities, ahead of operationalising the MVP licensees so that any mass-market information dissemination, and consumer solicitation are designed to safeguard community interests."

The regulatory guidelines "cover all forms of outreach, communications and advertising, including publication of information, awareness building, customer engagement, and/or investor solicitation".

Guidelines:

• Regulatory Guidelines on Marketing Advertising and Promotions related to Virtual Assets
• Penalties for Non-Compliance