2025 年如何在迪拜启动现实资产通证化项目
How To Launch An RWA Tokenization Project In Dubai In 2025
现实资产（RWA）通证化正从早期的证券型通证发行（STO）实验演变为主流金融趋势，迪拜正在引领监管变革。随着新推出的资产参考代币发行和交易框架，以及将虚拟资产纳入资本市场的政治意愿，迪拜有望成为希望将房地产、大宗商品、艺术品和知识产权等各类资产通证化的全球发行人中心。
Real-world asset (RWA) tokenization is evolving from early security token offering (STO) experiments into a mainstream financial trend, and Dubai is leading the regulatory charge. With a newly introduced framework for issuing and trading asset-referenced tokens and political will to embed virtual assets into the capital markets, Dubai has great potential to become a global hub for asset issuers looking to tokenize everything from real estate and commodities to art and intellectual property.
尽管行业多年来热情高涨，但第一波STO 大多以失败告终，并非缺乏远见，而是因为大多数司法管辖区缺乏支持它们的法律基础设施。关于如何发行通证化资产的规定极不明确，最重要的是缺乏功能性二级市场，而这同样需要法律基础支撑。
Despite years of industry enthusiasm, the first wave of STOs largely failed, not due to lack of vision, but because most jurisdictions lacked the legal infrastructure to support them. There was minimal clarity on how tokenized assets should be issued, and most importantly, there were no functional secondary markets, which also required a legal base to exist.
这是迪拜刚刚解决的典型“第 22 条军规” 困境。随着虚拟资产监管局（VARA）发布更新后的虚拟资产发行规则手册，RWA 通证化已从概念转向执行阶段。
This was a proverbial catch-22 that Dubai has just solved. With the release of an updated virtual assets issuance rulebook by the Virtual Assets Regulatory Authority (VARA), RWA tokenization has shifted from concept to execution.
全球首次出现真正的端到端框架，涵盖发行、托管和交易，允许RWA 产品在清晰且可执行的监管范围内启动、分发和规模化。
For the first time globally, there is a truly end-to-end framework, governing issuance, custody, and trading, that allows RWA products to be launched, distributed, and scaled within a clear and enforceable regulatory perimeter.
正如VARA 首席执行官 Matthew White 在最近的对话中向我确认的：“现实资产通证化是 VARA 的政策优先事项，我们将其视为新型金融体系的基础，这反映了迪拜在 D33 经济议程下成为全球数字金融领先中心的广泛雄心。”
As Matthew White, CEO of VARA, confirmed to me in a recent conversation: “The tokenisation of real-world assets is a policy priority for VARA, we see it as the foundation for a new kind of financial system, reflective of Dubai’s broader ambition to be a leading global centre for digital finance under the D33 economic agenda.”
除了监管明确性，迪拜在RWA 通证化领域的发展动力还来自全球资本市场的转变以及投资者对透明度、效率和更广泛准入的需求。随着机构兴趣增长和基础设施成熟，通证化现实资产正成为传统金融与技术创新的自然交汇点。
Beyond regulatory clarity, Dubai’s momentum in RWA tokenization is being fuelled by global shifts in capital markets and investor appetite for transparency, efficiency, and broader access. As institutional interest grows and infrastructure matures, tokenized real-world assets are becoming the natural convergence point between traditional finance and technology innovation.
“通证化可以释放流动性并创造新的资本流动，但前提是操作得当，”NewTribe Capital 管理合伙人 Juliet Su 解释道。“在阿联酋，监管框架已就位，但特定发行的成功取决于明确要通证化的资产、通证化的原因以及如何接入合适的周边基础设施。仅发行代币是不够的，还需使其与市场需求相匹配。这才是我们开启将现实资产上链的万亿美元机遇的方式。”
“Tokenization can unlock liquidity and create new capital flows, but only if done right,” explains Juliet Su, Managing Partner of NewTribe Capital. “In the UAE, the regulatory frameworks are in place, but the success of a particular issuance depends on knowing what you are tokenizing, why you are tokenizing it, and how to plug into the right surrounding infrastructure. It’s not enough to just issue a token, it’s about aligning it with the market demand. That’s how we can unlock the trillion-dollar opportunity to bring real assets on-chain.”
这种以创始人为核心的视角与VARA 的政策立场直接一致，后者强调实质重于形式。正如 White 所阐述的，监管机构专注于批准 “通证化能带来明显附加利益（如提高透明度、改善市场效率或扩大投资者准入）” 的 RWA 项目。房地产一直是早期焦点，不仅因其对迪拜经济的重要性，还因其通证化能释放切实利益，从更快的结算周期到扩大的 fractional ownership（碎片化所有权），实现民主化准入。
This founder-first perspective is directly aligned with VARA’s policy stance, which emphasizes substance over symbolism. As White elaborated, the regulator is focused on approving RWA projects “where tokenisation offers clear, additive benefits, such as increased transparency, improved market efficiency, or broader investor access. Real estate has been an early focal point, not only because of its significance to Dubai’s economy, but also due to the tangible benefits tokenisation can unlock, from faster settlement cycles to expanded fractional ownership allowing for democratised access.”
这种果断的公共政策与经济相关性的结合，使迪拜成为功能性RWA 司法管辖区。
This convergence of decisive public policy and economic relevance is what positions Dubai as a functional RWA jurisdiction.
迪拜的RWA 通证化生态系统正在壮大
Dubai’s RWA Tokenization Ecosystem Is Growing
一个快速发展的受监管参与者生态系统也值得关注。从通证化平台、经纪交易商到托管人、法律顾问、审计师和基础设施提供商，全栈市场正在迅速形成。
A fast-growing ecosystem of regulated players is also an interesting development. From tokenization platforms and broker-dealers to custodians, legal advisors, auditors, and infrastructure providers, a full-stack market is quickly taking shape.
新法规仅出台八周，我们已看到资产所有者、监管机构和基础设施建设者的协同行动。市场成熟迅速，新受监管平台的推出速度反映了真正的发展势头。
The new regulations are barely eight weeks old, yet we already see a coordinated movement of asset owners, regulators, and infrastructure builders working in tandem. The market is maturing fast, and the pace of new regulated platforms launches reflects the real momentum.
下图描绘了塑造迪拜RWA 格局的关键参与者，直观展示了这个新兴但快速扩张的网络。它为创始人和投资者提供了更清晰的视角，指导他们在构建和扩展过程中如何导航生态系统并与合适的利益相关者合作。
The chart below maps out the key players shaping Dubai’s RWA landscape, visually highlighting the nascent but rapidly expanding network. It offers founders and investors a clearer view of how to navigate the ecosystem and partner with the right stakeholders as they build and scale.
阿联酋哪些现实资产属于
Which Real-World Assets Fall Under VARA in the UAE?
尽管VARA 为阿联酋的 RWA 通证化提供了最全面的监管框架，但并非所有资产类型都适用。对于考虑在阿联酋启动项目的任何团队而言，明确哪些资产属于 VARA 监管范围、哪些属于其他监管机构管辖至关重要。
While VARA offers the most comprehensive regulatory framework for RWA tokenization in the UAE, it does not apply to all asset types. Understanding which assets fall under VARA regulations and which fall under the jurisdiction of other regulators is essential for any project considering a launch in the UAE.
假设您正在通证化传统证券（如公司股票、债券、债务工具或石油期货合约），您的项目将属于阿联酋联邦证券监管机构—— 证券与商品管理局（SCA）的管辖范围。
Suppose you are tokenizing a traditional security, such as company shares, bonds, debt instruments, or oil futures contracts. In that case, your project falls under the jurisdiction of the Securities and Commodities Authority (SCA), the UAE’s federal securities regulator.
同样，任何阿联酋迪拉姆（UAE Dirham）的通证化版本（作为阿联酋唯一法定货币）由阿联酋中央银行监管，该行负责监督更广泛的货币政策和支付系统。
Likewise, any tokenized version of the UAE Dirham, being the only legal tender in the UAE, is regulated by the UAE Central Bank, which oversees the broader monetary policy and payment systems.
阿联酋实行多监管机构虚拟资产环境，设有五个不同机构：VARA、SCA、中央银行，以及两个依据英国普通法运作的金融自由区的金融监管机构。每个机构都有自己的许可制度、资产分类和执法权。
The UAE operates a multi-regulator virtual asset environment, with five distinct authorities: VARA, SCA, the Central Bank, and the financial regulators of 2 financial free zones operating under English common law. Each has its own licensing regime, asset classification, and enforcement powers.
即使是最资深的创始人也可能误判这些制度的边界。因此，每个项目在启动前都应进行监管评估。关于这些机构如何互动的详细分析，可参考《钱伯斯合伙人阿联酋区块链与虚拟资产法律指南2025》。
Even the most seasoned founders can misjudge the boundaries of these regimes. That is why each project before launch should go through a regulatory assessment. For a detailed breakdown of how these authorities interact, the Chambers and Partners UAE Blockchain and Virtual Assets Legal Guide 2025 offers a valuable resource.
Legal Structuring Is Your Launch Strategy
尽管存在明确规则，在迪拜启动RWA 项目仍是一个复杂过程，需要细致的法律架构、充足的资本和战略性的司法管辖区考量。
Despite the presence of clear rules, launching an RWA project in Dubai is a complex process that requires nuanced legal structuring, capital adequacy, and strategic jurisdictional considerations.
“创始人往往低估司法管辖区复杂性对市场进入策略的影响，” 资深建设者兼 RWA 项目顾问 Anton Golub 表示。“无论你是作为经纪交易商、发行人还是在赞助制度下启动，你的法律结构决定了从投资者准入到代币流动性的一切。”
“Founders often underestimate how jurisdictional complexity impacts go-to-market strategy,” says Anton Golub, a veteran builder and advisor to RWA Projects. “Whether you are launching as a broker-dealer, an issuer, or under a sponsored regime, your legal structure determines everything, from investor access to token liquidity.”
没有一刀切的方法。在迪拜启动RWA 项目要求创始人将法律架构和虚拟资产服务提供商（VASP）许可合规视为其产品和资本形成策略的核心部分。
There is no one-size-fits-all approach. Launching an RWA project in Dubai requires founders to treat legal structuring and virtual asset service provider (VASP) licensing compliance as a core part of their product and capital formation strategy.
任何寻求在迪拜境内外发行、交易或促成投资通证化现实资产的项目，都必须获得正确的VASP 许可，并在治理、托管和投资者保护方面达到高标准。当我问及 White 关于 RWA 项目的监管理念时，他解释称，VARA 无意强加单一结构，而是确保任何发行（无论是来自传统金融机构还是 Web3 原生团队）都能证明明确遵守法规并具备运营弹性。用他的话说：“我们的目标不是规定单一架构，而是确保每个发行都符合我们关于治理、托管和透明度的明确标准。”
Any project seeking to issue, trade, or enable investment into tokenized real-world assets in or out of Dubai must obtain the correct VASP license and meet high standards around governance, custody, and investor protections. When I asked White about the regulatory philosophy behind RWA projects, he explained that VARA is not interested in imposing a single structure, but in ensuring that any offering, whether from a traditional financial institution or a Web3-native team, demonstrates clear compliance with the regulations and operational resilience. In his words, “Our objective is not to prescribe a singular architecture but to ensure every offering meets our clear standards for governance, custody, and transparency.”
这意味着创始人必须尽早做出架构决策，在构建平台机制、产品功能或接受投资者资金之前。游戏规则已明确，迪拜虚拟资产监管机构期望参与者以专业水准行事。
That means founders must make structuring decisions early, before building out platform mechanics, product features, or taking investor funds. The rules of the game are known, and the Dubai’s virtual assets regulator expects participants to play like professionals.
RWA 受监管市场的高准入门槛
RWA Regulated Marketplaces High Entry Bar
对于构建发行和交易通证化资产平台的参与者，需遵守最高监管标准。此类项目必须从VARA 获得经纪交易商或交易所许可，以及第 1 类资产参考虚拟资产（ARVA）发行许可。这些许可赋予对整个通证化生命周期的控制权，包括一级发行、二级市场交易等。
For those building platforms that issue and trade tokenized assets, the highest regulatory standards are imposed. Such projects must obtain a broker-dealer or exchange license and Category 1 ARVA issuer license from VARA. These licenses grant control over the entire tokenization lifecycle, including primary issuance, secondary market trading, and beyond.
然而，此类许可要求高度的运营准备。对于第1 类发行许可，项目必须满足最低资本要求（150 万阿联酋迪拉姆或所持虚拟资产价值的 2%，以较高者为准）。对于经纪交易商或交易所许可，资本要求高达固定年度运营成本的 25%，可能达数百万美元。
However, that level of licensing requires a significant degree of operational readiness. For Category 1 issuing license projects must meet the minimum capital requirements of AED 1.5 million, or 2% of the value of virtual assets held, whichever is higher. For a broker-dealer or exchange license, the capital requirements are up to 25% of fixed annual overheads, which can run into multiple of millions.
实体必须注册于迪拜本土或经批准的自由区（如设有专属加密中心的迪拜多种商品交易中心），并在VARA 的持续监督下运营。
The entity must be domiciled in mainland Dubai or an approved Free Zone, such as the Dubai Multi Commodities Centre with their dedicated Crypto Centre, and must operate under the continued supervision of VARA.
必须设立完整的合规职能部门，包括任命合规官、反洗钱报告官和至少两名执行董事。还需具备实体办公室、强大的网络安全系统、AML/KYC 协议、定期审计和持续监管报告。
A full compliance function is mandatory, including the appointment of a compliance officer, a money laundering reporting officer, and at least two executive directors. A physical office, robust cybersecurity systems, AML/KYC protocols, regular audits, and ongoing regulatory reporting are also required.
每类许可费用为10 万阿联酋迪拉姆，年度监管费为 20 万阿联酋迪拉姆。整个许可流程（包括法律架构和监管机构对接）通常需要九个月或更长时间。
Licensing fees per category are AED 100,000 and AED 200,000 for annual supervision. The whole licensing process, including legal structuring and regulator engagement, typically takes nine months or more.
这条道路不适合意志薄弱的建设者。它面向严肃的运营商，他们明白通证化不仅是技术升级，更是受审查和问责的受监管产品。因此，这引发了一个问题：如此高度规范的规则是否会阻碍Web3 原生创新？然而，White 在我们的讨论中保证：“我们正在测试哪些领域必须执行机构级别的严格标准，哪些领域可以引入灵活性以适应新兴创新。能够达到这些基准的 Web3 原生平台…… 是迪拜不断发展的虚拟资产生态系统的受欢迎参与者。”
This path is not for faint-hearted builders. It's for serious operators who understand that tokenization is not just a technological upgrade, but a regulated product subject to scrutiny and accountability. As such, this raises a question of whether such highly prescribed rules will impede Web3-native innovation. However, White assured in our discussion, “We are testing where institutional-grade rigour must be enforced, and where flexibility can be introduced to accommodate emerging innovations. Web3-native platforms that can meet these benchmarks… are welcome participants in Dubai’s evolving virtual asset ecosystem.”
Ctrl Alt 就是一个典型例子，这是一家通证化解决方案提供商。它是中东和北非地区首家获得许可的 VASP，被授权开展发行服务，并持有经纪交易商许可。通过与迪拜土地局和房地产分销平台的合作，用户可以从 2,000 阿联酋迪拉姆起投资房地产份额所有权。Ctrl Alt 展示了 Web3 原生通证化平台如何在不牺牲监管完整性的前提下将房地产所有权上链。
A case in point is Ctrl Alt, a tokenization solutions provider. It is the first licensed VASP in the MENA region authorised to conduct issuer services and also holds a broker-dealer license. Through its collaboration with the Dubai Land Department and real estate distribution platforms, users can invest in fractional property ownership starting from AED 2,000. Ctrl Alt demonstrates how a Web3 native tokenization platform can bring real estate ownership on-chain without sacrificing regulatory integrity.
赞助制度：快速进入通道
Sponsored Regime: Fast-Track Entry
并非每个创始人都需要从全栈许可起步。对于测试产品市场契合度的早期团队，“赞助制度” 模式提供了更易进入的切入点。该结构允许初创公司在现有持牌 VASP 的保护伞下运营。
Not every founder needs to begin with a full-stack license. For early-stage teams testing product-market fit, the ‘sponsored regime’ model offers a more accessible entry point. This structure allows startups to operate under the umbrella of an existing licensed VASP.
优势显而易见。创始人可以降低初始成本、缩短市场进入时间并测试产品的真实需求，同时始终处于监管覆盖之下。虽然合规、托管和基础设施的责任仍由赞助VASP 承担，但初创公司得以专注于产品开发和用户获取。
The advantages are clear. Founders can reduce initial costs, shorten their go-to-market timeline, and test real-world demand for their product, all while remaining under regulatory cover. While the responsibility for compliance, custody, and infrastructure remains with the sponsor VASP, the startup gains the ability to focus on product development and user adoption.
不过，这种模式并非捷径。创始人仍需生成合规文件、保持运营纪律，并与赞助实体紧密协调。赞助商最终控制着与监管机构和用户的品牌接口。因此，选择合适的VASP 合作伙伴是项目最关键的战略决策之一。
That said, this model is not a shortcut. Founders must still produce compliant documentation, maintain operational discipline, and align closely with their sponsoring entity. The sponsor ultimately controls the brand interface with regulators and users alike. For this reason, choosing the right VASP partner is one of the most critical strategic decisions a project can make.
RWA 资产发行人的模式
A Model for RWA Asset Issuers
资产所有者（如房地产开发商、奢侈品资产管理公司和大宗商品交易商）若希望将其资产上链但无意运营交易平台，可在迪拜找到更专注的解决方案。
Asset owners, such as property developers, luxury asset managers, and commodities traders, who want to bring their holdings on-chain but do not intend to run a trading platform, can find a more focused solution in Dubai.
这些项目可申请独立的第1 类 ARVA 发行许可（仅限代币发行）。这种更精简的结构允许资产所有者合法发行以现实资产为支撑的代币，同时将托管、交易和结算功能外包给第三方持牌平台。
These projects can apply for a standalone Category 1 ARVA license for token issuance only. This leaner structure allows asset owners to legally issue tokens backed by real-world assets while outsourcing custody, trading, and settlement functions to third-party licensed platforms.
该流程需要详细的白皮书、风险披露、治理协议和完整的合规团队—— 我认为这一要求较为繁重，因为 RWA 代币只能通过受监管的经纪交易商或交易所分发，而这些机构已有自己的合规政策和人员。或许未来 VARA 可以在这一要求上提供一定灵活性。
The process requires a detailed whitepaper, risk disclosures, governance protocols, and a full compliance team, which I believe to be an onerous requirement since RWA tokens can only be distributed via regulated broker-dealer or exchanges, that have own compliance policies and personnel. Perhaps this requirement is something where a flexibility can be afforded in the future by VARA.
监管负担显然低于经纪交易商。这是一种更简化的结构，允许各方专业化—— 资产发起方专注于创造收益和管理产品，而持牌经纪商负责分销。
The regulatory burden is arguably lighter than that of a broker-dealer. It is a more streamlined structure that allows each party to specialize - asset originators focus on creating yield and managing their products, while licensed brokers handle the distribution.
对于完全不愿参与许可工作的公司，还可选择将通证化外包给受监管实体。通过与现有第1 类发行许可持有者合作，资产所有者可在合作伙伴的许可和基础设施下进行通证化。发行人负责法律合规、智能合约部署和分销渠道，而资产发起方完全专注于资本形成和产品交付。
For companies that prefer not to engage in licensing efforts at all, there is also the option to outsource tokenization to regulated entities. By partnering with an existing holder of Category 1 licensed issuer, asset owners can tokenize under the partner’s license and infrastructure. The issuer manages legal compliance, smart contract deployment, and distribution channels, while the asset originator focuses entirely on capital formation and product delivery.
正如Anton Golub 向我描述的：“我们正进入一个通证化模块化的时代。你无需控制整个堆栈。资产发起方可以专注于获取收益，而持牌合作伙伴处理发行、托管和合规。这种专业化将使 RWA 得以规模化。”
As Anton Golub described it to me, “We’re entering an era where tokenization becomes modular. You don’t need to control the whole stack. Asset originators can focus on sourcing yield, while licensed partners handle issuance, custody, and compliance. This specialization is what will allow RWAs to scale.”
迪拜的RWA 通证化市场已启动
Dubai’s RWA Tokenization Market Is Live
截至2025 年年中，链上通证化现实资产总价值已超过 250 亿美元（据 rwa.xyz 数据）。若计入稳定币（法定货币的通证化代表），这一数字超过 2500 亿美元。然而，这仅是全球 800 万亿美元现实资产的一小部分，表明市场仍处于起步阶段。
As of mid-2025, the total value of tokenized real-world assets on-chain has surpassed $25 billion, according to rwa.xyz. When stablecoins, tokenized representations of fiat, are included, that number exceeds $250 billion. However, this is just a sliver of the $800 trillion in global real-world assets, indicating that the market is still in its infancy.
迪拜是少数几个监管明确性、基础设施和资本形成相结合的司法管辖区之一。然而，这个市场不适合意志薄弱或准备不足的创始人。由于监管、运营和生活成本高昂，迪拜位列全球第七大最昂贵城市。因此，创始人必须在启动前仔细调整代币设计、法律架构和商业模式，避免浪费时间。
Dubai stands out as one of the few jurisdictions where regulatory clarity, infrastructure, and capital formation converge. However, this market is not for the faint of heart, nor unprepared founders. With high regulatory, operational, and living costs, Dubai ranks as the seventh most expensive city globally. As a result, founders must carefully align their token design, legal architecture, and commercial model before launch to avoid wasting time.
“合规的通证化项目至少必须能够证明透明披露、独立托管、实时可验证性、智能合约完整性和稳健治理，”White 指出。这些不是理想准则，而是硬性要求。
“At a minimum, compliant tokenization projects must be able to demonstrate transparent disclosures, independent custody, real-time verifiability, smart contract integrity, and robust governance”, White noted. These are not aspirational guidelines; they are non-negotiables.
迪拜已尽到职责。现在轮到建设者们将一切资产通证化并在链上交易，正如我们在2018 年所预言的那样。
Dubai has done its part. Now it is time for builders to tokenize everything and trade it on chain, just like we ourselves prophesied back in 2018.
【编译声明】
本文中英文内容编译自《Forbes Digital Assets》2025 年 7 月 22 日发布的原创文章《How To Launch An RWA Tokenization Project In Dubai In 2025》，原文作者为 Irina Heaver（专注加密监管领域的执业律师）。编译过程中已尽量保留原文核心观点与专业表述，如需查阅原文，可访问 Forbes 官方平台。
本文仅作信息分享用途，未经原创作者及原平台许可，请勿擅自转载或篡改内容。感谢对知识产权的尊重与保护。
