Dubai's Virtual Assets Regulatory Authority (VARA) and Securitize, an institutional tokenization platform, have signed a Memorandum of Understanding to explore tokenization initiatives and ecosystem development across the emirate. The agreement creates a framework for the two parties to collaborate on projects, market education, talent development and research. It does not grant Securitize a new license, appoint it as VARA's official infrastructure provider, or constitute regulatory approval for the company.
VARA has established rules governing virtual-asset activities in Dubai, including requirements for asset issuance. However, regulated tokenized markets require infrastructure beyond regulatory rules — systems for issuance, ownership records, distribution, trading, custody and settlement. Securitize has built institutional infrastructure across these areas and works with asset managers including BlackRock, Apollo, Hamilton Lane, KKR and VanEck on tokenized funds and real-world assets.
The company said it had more than $5 billion in assets under management as of July 2026. Securitize has also worked with Atlas Capital on USAFi, a digital security backed by the Atlas America Fund, which the company described as its first asset issued under Dubai's VARA Asset-Referenced Virtual Asset framework. The new memorandum broadens that relationship beyond individual projects toward potential initiatives involving the wider ecosystem.
Dubai's tokenization development extends beyond the VARA-Securitize agreement. The Dubai Land Department's real-estate tokenization initiative introduced blockchain-based infrastructure for representing property interests within a regulated framework, using the XRP Ledger. PRYPCO Mint has enabled secondary trading of fractionalized real-estate interests, adding a market layer beyond initial issuance.
The memorandum's reference to projects initiated or facilitated by VARA is notable, although any future initiative would need to comply with applicable regulatory requirements and obtain necessary approvals or licenses. The agreement does not establish Securitize as VARA's infrastructure provider or limit VARA's ability to work with other partners on tokenization development.
