The Virtual Assets Regulatory Authority of Dubai and the tokenization platform Securitize have signed a Memorandum of Understanding. The agreement aims to advance tokenization and digital asset infrastructure within the United Arab Emirates and Dubai.
The partnership establishes a collaborative framework to support regulated tokenization initiatives and encourage institutional participation. The parties intend to explore how tokenized financial products should operate under the existing regulatory framework in Dubai.
Securitize, which is backed by BlackRock, currently manages $4,9 billion in tokenized assets. The firm is recognized as the largest platform in the sector globally, followed by Ondo Finance with $3,5 billion in assets under management.
The collaboration follows a period of growth for the tokenized asset market. According to data from RWA.xyz, the total value of tokenized assets reached $38,5 billion, while the number of holders increased to 3,2 million over the past 30 days.
VARA previously issued its 50th virtual asset service provider license to Tribe Tokenisation FZE in early July. Currently, the agreement between VARA and Securitize focuses on establishing a broad framework for cooperation rather than specific projects.