The Dubai Virtual Assets Regulatory Authority (VARA), in coordination with the Dubai Land Department (DLD), issued a consumer and marketplace alert warning that some entities are falsely claiming to participate in the pilot phase of the DLD Real Estate Tokenisation Project, which launched on 19 March 2025 with a limited set of participants approved by both authorities. Only entities explicitly approved by DLD and VARA are authorised to take part in the pilot, and official confirmation of participation will be issued solely by DLD and/or VARA. VARA also cautioned that marketing real estate tokenisation services linked to Dubai-based assets, especially where platforms or materials target Dubai customers, may constitute unlicensed virtual asset activities unless the entity is licensed or otherwise authorised, potentially breaching VARA rules including the Marketing Regulations. The alert reiterates that Dubai Law No. (4) of 2022 and Cabinet Resolution No. 111/2022 require firms conducting virtual asset activities in or from Dubai to be licensed by VARA, with potential enforcement measures including public alerts, financial penalties, and market prohibitions; consumers were directed to verify firms via the VARA Public Register and treat unvalidated promotional references to the project with caution.
Dubai Virtual Assets Regulatory Authority 2025-04-23
Dubai Virtual Assets Regulatory Authority and Dubai Land Department issue alert on false participation claims in DLD Real Estate Tokenisation Project pilot
The Dubai Virtual Assets Regulatory Authority (VARA) and the Dubai Land Department (DLD) warned against false claims of involvement in the DLD Real Estate Tokenisation Project, which began on 19 March 2025 with limited approved participants. Only entities approved by DLD and VARA are authorized, and unauthorized marketing may breach VARA rules, including the Marketing Regulations. Firms must be licensed by VARA to conduct virtual asset activities in or from Dubai, with potential enforcement actions for non-compliance.