DLA Piper’s TOKO receives virtual asset broker license from Dubai’s VARA regulatory authorityTOKO FZE has received a full operating license from Dubai’s Virtual Asset Regulatory Authority (VARA), allowing the entity to undertake Virtual Asset Broker Dealer and Exchange services as a full market offering in and from the Emirate of Dubai.
As a Web3 FinTech born out of a leading Tier 1 multinational law firm DLA Piper, TOKO recognizes the critical importance of regulation in shaping the future of Virtual Assets and Financial Services at large. The combination of the world’s most sophisticated token creation engines with embedded robust legal and compliance practices ensures the seamless integration of innovative technology and regulatory frameworks.
Scott Thiel, Managing Director of TOKO says, “We are thrilled to be issued this VARA license for fully regulated VA Broker-Dealer services by the world’s only exclusive regulator for the VA sector. TOKO applauds Dubai’s commitment to leading the world in virtual asset regulation by providing a responsible, comprehensive and clear roadmap for the virtual asset industry via a trusted and regulated ecosystem for individuals and businesses to engage with digital assets. We look forward to playing a supporting role in the development of Dubai as a leading global virtual asset hub.”
The addition of the VARA license elevates the TOKO offering to an end-to-end virtual assets’ solution, empowering asset owners, issuers and investors to address real world problems and promote financial inclusion.
TOKO will be offering data-rich tokens that align to a wide variety of underlying assets such as real estate, funds, shares, digital art, and IP rights. TOKO can deploy virtual assets on multiple public blockchains, whilst maintaining privacy and confidentiality by only making this information available to permissioned user.
By obtaining the VARA license, TOKO gains the authority to operate in and from Dubai as a virtual asset broker-dealer, creating secure digital asset tokenization and trace-able transactions recorded on the blockchain across the life-cycle. This license not only reinforces TOKO’s credibility as a trusted tokenization provider but also provides users with the confidence to explore the potential of decentralized finance within a trusted and regulated environment.
This is the third VASP crypto broker license to be granted by VARA in the past two months. Prior to that both Komainu and Laser Digital had received full VASP licenses.
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