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TOKO Network secures operating licence from Dubai’s VARA

By:
on Sep 11, 2023
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  • TOKO Network has received a full market Virtual Asset Service Provider licence.
  • The licence was issued by Dubai’s Virtual Asset Regulatory Authority (VARA) after a comprehensive review.
  • TOKO has also partnered with Virtuzone-UAE to launch Dubai’s first tokenised fundraising platform.

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In crypto news today, TOKO Network, a Web3 fintech platform of the DLA Piper law firm, has been granted an operating licence by Dubai’s Virtual Asset Regulatory Authority (VARA).

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A press release from the digital asset creation platform on Monday noted that the approval allows it to operate as a broker-dealer and exchange. TOKO can now offer its services as a full market provider from and within the Emirate of Dubai.

Proof-of-Stake platform Hedera posted the news on its X account.

TOKO Network’s commitment to compliance

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The regulatory milestone sees TOKO Network join a handful of crypto platforms in securing VARA’s nod as a Virtual Asset Service Provider (VASP). It’s a step that signals TOKO’s commitment to compliance, transparency, and accountability as it looks to bring the benefits of distributed ledger technology to asset owners and investors.

Commenting on the approval, Scott Thiel, TOKO’s managing director, said:

“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.”

VARA’s licence adds to TOKO’s growing presence in the tokenization space as its services expand into the broader decentralised finance (DeFi) ecosystem.

As well as the regulatory milestone, TOKO Network achieved another key development step today. The platform has inked a strategic partnership with Virtuzone, UAE’s leading company formation specialists. Per the details of the deal, TOKO and Virtuzone will collaborate to launch the first-ever tokenized equity crowd-funding platform in Dubai.

The platform will transform the private Web3 fundraising space for businesses and investors, the companies said.

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