(MENAFN- Mid-East Info) Dubai, United Arab Emirates,October 2025: The Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), and the Virtual Assets Regulatory Authority (VARA), the specialist regulator responsible for regulating and overseeing the virtual assets sector in the Emirate of Dubai and its free zones excluding the DIFC, today signed a Memorandum of Understanding (MoU). The MoU will enhance cooperation and collaboration between the two regulators in undertaking their responsibilities within their respective jurisdictions and will further support the development of a robust and well-regulated virtual asset market in Dubai. The MoU was signed by Mark Steward, Chief Executive of the DFSA, and Matthew White, Chief Executive Officer of VARA, at GITEX Global, the world's largest tech and start-up event.

The MoU provides a framework for collaboration between the DFSA, which is responsible for regulating and overseeing the DIFC's virtual asset regime, and VARA, which governs the virtual assets economy across the Emirate of Dubai, excluding the DIFC.

Under the agreement, both regulators will work together to:

• strengthen cooperation on licensing, supervision, and enforcement matters;
• support efforts to combat money laundering, terrorism financing, and proliferation financing; and
• facilitate the exchange of information to promote integrity and confidence across Dubai's financial and virtual asset markets.

Mark Steward, Chief Executive of the DFSA, said:“Regulatory cooperation is an important step forward and this MoU will help the DFSA and VARA work together and share information on a formal basis to help develop further the virtual asset sector in Dubai.”

Matthew White, Chief Executive Officer of VARA, said:“Dubai's strength lies in our ability to innovate with regulatory coordination, offering clarity so that the industry can operate with certainty, investors are protected, and market misconduct is remediated swiftly. This MoU reinforces Dubai's commitment to operating a single, high-integrity marketplace that sets global benchmarks for responsible innovation in virtual assets.”

The signing ceremony took place during GITEX Global, reflecting Dubai's Economic Agenda D33 vision as the global benchmark for digital transformation and regulatory innovation. The collaboration between DFSA and VARA comes as Dubai has been ranked among the world's top four fintech hubs, and has advanced to 11th position globally, according to the Global Financial Centres Index 38 (GFCI), published on 25 September 2025.

The DFSA-VARA MoU underscores this progress, strengthening regulatory alignment across the Emirate and further supporting Dubai's objective to strengthen its position as a top-tier global centre for finance and innovation.

Mark Steward, Chief Executive of the DFSA (left), and Matthew White, Chief Executive Officer of VARA (right), signed and exchanged the MoU at GITEX Global to strengthen

The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in and from the Dubai International Financial Centre (DIFC), a purpose-built financial free zone in Dubai, UAE. The DFSA regulates and supervises financial services firms and markets in the DIFC. These include asset managers, banks, custody and trust services, commodities futures traders, fund managers, insurers and reinsurers, traders of securities and fintech firms. We supervise exchanges and trading platforms for both conduct and prudential purposes, overseeing an international securities exchange (Nasdaq Dubai) and an international commodities derivatives exchange (Gulf Mercantile Exchange). The DFSA is also responsible for supervising and enforcing anti-money laundering and countering the financing of terrorism requirements applicable in the DIFC. Please refer to the DFSA's website for more information.

About VARA:

Established in March 2022, following the effect of Law No. 4 of 2022, the Virtual Assets Regulatory Authority (VARA) is the competent entity in charge of regulating, supervising, and overseeing VAs and VA Activities in all commercial zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. VARA plays a central role in creating Dubai's advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.

Mark Steward joined the DFSA as Chief Executive in May 2025. Mr Steward served as the Executive Director of Enforcement and Market Oversight at the UK's Financial Conduct Authority (FCA) from 2015. He was also the Chair of the FCA's Market Policy Committee, and from December 2021, he was Executive Director of the FCA's International Division. Prior to joining the FCA, Mr Steward served at the Hong Kong Securities and Futures Commission (SFC) as an Executive Director with responsibility for the Enforcement Division. Before joining the SFC, Mr Steward held several senior positions with the Australian Securities and Investments Commission (ASIC) and was most recently Deputy Executive Director, Enforcement at ASIC. Formerly, Mr Steward was Chair, International Organization of Securities Commissions (IOSCO) Multi-lateral MOU Monitoring Group.

Matthew White, CEO of VARA, has had a high-profile career spanning more than 20 years in the technology sector. His leadership has significantly contributed to building trust in technology transformations and safeguarding digital assets. As a Senior Partner and Head of the Cybersecurity Practice at PwC, he oversaw its expansion to over 150 specialists and played a foundational role in establishing VARA before accepting the role of CEO. An alumnus of the University of Bath and the Saïd Business School at the University of Oxford, his academic credentials reflect the success of his professional journey. Matthew's impact extends beyond the corporate sphere. He is the Co-Founder of several startups, including a grassroots sports platform for amateur sports enthusiasts. Widely sought after as a Public Speaker, his insights and expertise make him a valuable voice in helping to make this complex subject more accessible to everyone.

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