The Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), and the Virtual Assets Regulatory Authority (VARA), the specialist regulator responsible for regulating and overseeing the virtual assets sector in the Emirate of Dubai and its free zones excluding the DIFC, today signed a Memorandum of Understanding (MoU). The MoU will enhance cooperation and collaboration between the two regulators in undertaking their responsibilities within their respective jurisdictions and will further support the development of a robust and well-regulated virtual asset market in Dubai. The MoU was signed by Mark Steward, Chief Executive of the DFSA, and Matthew White, Chief Executive Officer of VARA, at GITEX Global, the world’s largest tech and start-up event.
The MoU provides a framework for collaboration between the DFSA, which is responsible for regulating and overseeing the DIFC’s virtual asset regime, and VARA, which governs the virtual assets economy across the Emirate of Dubai, excluding the DIFC.
Under the agreement, both regulators will work together to:
- strengthen cooperation on licensing, supervision, and enforcement matters;
- support efforts to combat money laundering, terrorism financing, and proliferation financing; and
- facilitate the exchange of information to promote integrity and confidence across Dubai’s financial and virtual asset markets.
Mark Steward, Chief Executive of the DFSA, said: “Regulatory cooperation is an important step forward and this MoU will help the DFSA and VARA work together and share information on a formal basis to help develop further the virtual asset sector in Dubai.”
Matthew White, Chief Executive Officer of VARA, said: “Dubai’s strength lies in our ability to innovate with regulatory coordination, offering clarity so that the industry can operate with certainty, investors are protected, and market misconduct is remediated swiftly. This MoU reinforces Dubai’s commitment to operating a single, high-integrity marketplace that sets global benchmarks for responsible innovation in virtual assets.”
The signing ceremony took place during GITEX Global, reflecting Dubai’s Economic Agenda D33 vision as the global benchmark for digital transformation and regulatory innovation. The collaboration between DFSA and VARA comes as Dubai has been ranked among the world’s top four fintech hubs, and has advanced to 11th position globally, according to the Global Financial Centres Index 38 (GFCI), published on 25 September 2025.
The DFSA-VARA MoU underscores this progress, strengthening regulatory alignment across the Emirate and further supporting Dubai’s objective to strengthen its position as a top-tier global centre for finance and innovation.
