According to Cointelegraph, the Dubai Virtual Assets Regulatory Authority (VARA) released an updated manual for Virtual Asset Service Providers (VASP) on May 19, requiring market participants to comply with the new regulations by June 19. The new rules clarify the issuance and distribution of RWA tokens. UAE lawyer Irina Heaver stated that the issuance of RWA tokens and their listing on the secondary market has become a reality. VARA's new regulations define RWA tokens as Asset-Reference Virtual Assets (ARVA) tokens, authorizing regulated exchanges and brokers in Dubai to distribute and list ARVA tokens. Issuers must meet specific requirements, including holding a Class 1 virtual asset issuance license, providing a white paper and risk disclosure statement, and having a paid-in capital of 1.5 million UAE Dirhams or 2% of reserve assets.

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