The Dubai Virtual Assets Regulatory Authority (VARA) has released detailed guidelines for virtual asset issuance, categorizing token offerings into three distinct classes. Class 1 covers fiat-pegged tokens (stablecoins) and asset-backed tokens (real-world assets), requiring issuers to obtain full licensing and adhere to strict reserve and redemption rights regulations. Class 2 assets must be distributed through VARA-licensed intermediaries, who are responsible for due diligence. Exempt assets are limited to specific assets with limited functionality.