TOKO FZE receives full market virtual asset service provider licence from Dubai’s Virtual Asset Regulatory Authority
Among first firms to be granted VARA’s Operating Licence for Virtual Asset Broker-Dealer and Exchange Service provision in and from Dubai, this signifies global market participants are responsibly submitting to regulatory supervision
Dubai, UAE 11 SEPT 2023 – TOKO FZE has received the operating licence approval from Dubai’s Virtual Asset Regulatory Authority (VARA), specifically permitting them to undertake Virtual Asset Broker Dealer and Exchange services as a full market offering in and from the Emirate of Dubai.
Securing this regulatory approval represents a significant milestone for TOKO, emphasising the global Virtual Asset Service Provider’s (VASP’s) unwavering commitment to operating with transparency, accountability, and regulatory compliance, even as it aspires to deliver true value creation opportunities for asset owners and investors within a secure ecosystem.
As a Web3 FinTech born out of a leading Tier 1 multinational law firm DLA Piper, TOKO recognises 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 licence 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 licence 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 achieves this unparalleled offering by creating 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.
TOKO has been awarded the VARA Licence following a comprehensive review of regulatory compliance capabilities and demonstrable behaviours, in keeping with VARA’s objective to create a progressive regime that enables responsible innovation within a globally interoperable VA ecosystem. By obtaining the VARA licence, TOKO gains the authority to operate in and from Dubai as a virtual asset broker-dealer, creating secure digital asset tokenisation and trace-able transactions recorded on the blockchain across the life-cycle. This licence not only reinforces TOKO’s credibility as a trusted tokenisation provider but also provides users with the confidence to explore the potential of decentralised finance within a trusted and regulated environment.
TOKO remains committed to improving access to DeFi, and reshaping the virtual asset management landscape through cutting-edge technology, regulatory compliance, and a user-centric approach. By operating as a regulated virtual asset broker-dealer, TOKO is paving the way for responsible innovation and setting new standards for the virtual asset industry.
For more information about TOKO and its regulated platform, please visit toko.network
About DLA Piper
DLA Piper is a global law firm with lawyers located in more than 40 countries throughout the Americas, Europe, the Middle East, Africa and Asia Pacific, positioning us to help clients with their legal needs around the world.
DLA Piper is working with TOKO to solve the inefficiencies of today’s capital markets by leveraging distributed ledger technology. TOKO is a digital asset creation platform that couples the compliance and regulatory rigor of a global law firm with the innovative technology solutions of tomorrow. TOKO provides a platform for creating new markets and uses distributed ledger technology to disseminate market information and provide transparency.
Sarah Locke, Chief Marketing Communications Officer, TOKO, +971506845704, email@example.com