Stake RWA Secures VARA In-Principle Approval With Support From Rasma Legal

Stake RWA FZE has received In-Principle Approval (IPA) from Dubai’s Virtual Assets Regulatory Authority (VARA) to operate as a Virtual Asset Service Provider (VASP), marking a key regulatory milestone for tokenized real estate platforms in the UAE.

The approval allows Stake RWA to move forward with plans to offer regulated virtual asset broker-dealer services in Dubai, with a strategic focus on tokenized real estate investment opportunities. The platform aims to enable fractional ownership of real-world assets (RWAs) using blockchain technology, offering investors compliant and transparent access to property-backed digital assets.

Regulatory Engagement With VARA

The regulatory engagement process was supported by Rasma Legal, which advised Stake RWA throughout its interaction with VARA. According to the firm, its role included advising on the applicable regulatory framework and supporting the structuring of the proposed virtual asset activities. It also led engagement with VARA, including the preparation and coordination of regulatory submissions and responses, as outlined in commentary shared with Unlock Blockchain.

The IPA represents an important step toward securing a full operating VASP licence, subject to the satisfaction of VARA’s remaining conditions.

VARA’s Evolving Approach to Tokenization

Commenting on the development, Mazen Rasamny, founder of Rasma Legal, said VARA’s approval highlights the pace at which the UAE’s virtual asset regulatory framework is evolving to accommodate increasingly sophisticated business models.

“VARA has shown a clear willingness to engage pragmatically with platforms that combine real estate, traditional financial concepts, and blockchain technology,” Rasamny said. “Rather than forcing these models into existing regulatory categories, the regulator is shaping its approach to accommodate tokenized and fractional ownership structures.”

He added that VARA’s stance reflects a broader focus on making tokenization workable in practice, with rules designed to support market integrity and investor protection while still allowing innovation to scale.

Strengthening Dubai’s RWA Tokenization Ambitions

The approval comes as Dubai continues to position itself as a global hub for real-world asset tokenization, with regulators actively engaging with firms exploring blockchain-based representations of traditional assets such as real estate.

According to Rasamny, VARA’s approach is helping create an environment where regulated tokenized asset platforms can grow with confidence, reinforcing Dubai’s ambition to lead in the next phase of digital asset infrastructure.

Rasma Legal confirmed it is continuing to support Stake RWA through the post-IPA phase, assisting with the fulfilment of VARA’s outstanding requirements as the company progresses toward final licensing.