Dubai’s financial market regulator is expanding cooperation with leading blockchain platforms. Official partners now include the Solana Foundation and SuiHub MENA.
The Dubai Virtual Assets Regulatory Authority (VARA) announced the expansion of its partnerships with two blockchain organizations, the non-profit Solana Foundation, which supports the development of the Solana blockchain ecosystem, and SuiHub MENA, an innovation hub for the Sui Network that supports entrepreneurs and blockchain devs across the Middle East and North Africa.
Lily Liu, President of the Solana Foundation, signed a Memorandum of Understanding with VARA, outlining comprehensive collaboration. Under the agreement, the parties intend to:
- implement talent development programs;
- study the economic impact of the Web3 sector;
- conduct educational seminars for local crypto project founders;
- create the Solana Economic Zone, a special jurisdiction in Dubai aimed at supporting projects within the Solana ecosystem.
According to Liu, Dubai continues to position itself as one of the most forward-looking crypto jurisdictions in the world, and Solana is ready to help develop the emirate as the largest crypto hub globally. The partnership is designed to strengthen the local Web3 ecosystem and support crypto startups in the region.
VARA issued the first set of rules for virtual asset service providers (VASP) operating in the emirate back in 2023. At the same time, regulations for crypto license applicants in the region were tightened. In 2025, VARA reached an agreement with the UAE Securities and Commodities Authority (SCA) on mutual oversight of local crypto companies.
Moreover, a strategic partnership was announced between VARA and SuiHub MENA. The cooperation will involve several joint initiatives, including:
- conducting educational seminars on regulation and licensing for crypto startups;
- preparing training materials and consultations for crypto company founders operating in the region;
- developing the SuiHub MENA center in Dubai;
- organizing strategic roundtables with government representatives;
- jointly researching opportunities in virtual assets.
According to Kristof Lukovich, CEO of SuiHub MENA, the partnership with VARA aims to establish a global benchmark for regulatory transparency and sustainable Web3 ecosystem development, as well as support innovation in virtual assets.
Both initiatives are part of VARA’s broader policy to create a flexible yet regulated environment for innovation in digital assets. Earlier, in partnership with the Dubai Land Department (DLD), VARA launched the Real Estate Tokenisation Project, an initiative for property tokenization.
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