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Dubai’s financial market authority is enhancing collaboration with prominent blockchain platforms. Current official partners include the Solana Foundation and SuiHub MENA.
The Dubai Virtual Assets Regulatory Authority (VARA) has revealed the broadening of its partnerships with two blockchain entities: the non-profit Solana Foundation, which fosters the growth of the Solana blockchain ecosystem, and SuiHub MENA, an innovation center for the Sui Network that aids entrepreneurs and blockchain developers throughout the Middle East and North Africa.
Lily Liu, President of the Solana Foundation, formalized a Memorandum of Understanding with VARA, detailing extensive collaboration. The agreement outlines the intention of both parties to:
- implement talent development initiatives;
- analyze the economic effects of the Web3 sector;
- host educational seminars for local crypto project founders;
- establish the Solana Economic Zone, a designated jurisdiction in Dubai aimed at fostering projects within the Solana ecosystem.
Liu stated that Dubai is continuing to establish itself as one of the most progressive crypto jurisdictions globally, and Solana is prepared to assist in developing the emirate into the largest crypto hub worldwide. The collaboration is intended to bolster the local Web3 ecosystem and support crypto startups in the area.
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In 2023, VARA issued its initial set of regulations for virtual asset service providers (VASP) operating within the emirate. Concurrently, the rules for crypto license applicants in the region were made more stringent. In 2025, VARA reached an agreement with the UAE Securities and Commodities Authority (SCA) regarding mutual oversight of local crypto firms.
Additionally, a strategic partnership was announced between VARA and SuiHub MENA. This collaboration will encompass several joint initiatives, including:
- hosting educational seminars on regulation and licensing for crypto startups;
- developing training materials and providing consultations for crypto company founders in the region;
- establishing the SuiHub MENA center in Dubai;
- organizing strategic roundtables with government officials;
- collaboratively exploring opportunities in virtual assets.
Kristof Lukovich, CEO of SuiHub MENA, noted that the partnership with VARA seeks to set a global standard for regulatory transparency and the sustainable development of the Web3 ecosystem, as well as to promote innovation in virtual assets.
These initiatives are part of VARA’s comprehensive strategy to create a flexible yet regulated framework for innovation in digital assets. Previously, in collaboration with the Dubai Land Department (DLD), VARA initiated the Real Estate Tokenisation Project, aimed at property tokenization.
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