Dubai's VARA published a formal rulebook for crypto exchange-traded derivatives that caps retail leverage at 5:1. Retail investors may access the products after suitability checks on experience, financial position, and risk tolerance, and they must post at least 20% initial margin. The framework also gives VARA power to suspend products, require liquidations, and raise margin requirements during market stress. The new rulebook standardizes earlier pilot conditions across all licensed firms offering exchange services in Dubai.