TOKO FZE advances in the UAE’s digital asset market with regulatory approval and a strategic relationship, demonstrating its compliance and transparency.
Two significant announcements have been made by TOKO FZE, the digital asset creation platform that puts compliance first as it expands the UAE’s digital asset market. Along with partnering with the business solution provider Virtuzone, TOKO has also been given clearance for an operating license, allowing it to conduct broker-dealer and exchange services within and outside of the Emirate of Dubai.
As governments and exchanges struggle to develop appropriate regulations, the market for digital assets has experienced some hiccups globally. However, this is not the case everywhere. UAE is an excellent example. TOKO demonstrates its dedication to conducting business with transparency, responsibility, and regulatory compliance by getting regulatory approval from the Virtual Asset Regulatory Authority (VARA).
By partnering with Virtuzone, the platform, which was developed by the international law firm DLA Piper, will enable investors and companies looking for funding to confidently use blockchain technology to both access and provide greater insights and information. Consequently, it is anticipated that adoption of this digital revolution will result in higher liquidity.
ToKO and Virtuzone will increase access to a wider pool of investors by tokenizing early equity offers, making it easier and more transparent for institutional and ordinary investors to participate.
According to Scott Thiel, managing director of TOKO, “This partnership with Virtuzone provides a wonderful platform to achieve our goal of reshaping the virtual asset management landscape through cutting-edge technology, legal compliance, and a user-centric approach.”
Benefits of a fully developed market License for Virtual Asset Service Provider
With the VARA’s clearance of TOKO, the platform for creating digital assets can quicken its efforts to increase financial inclusion. It produces tokens that are linked to a wide range of underlying assets, including shares, digital art, real estate, finances, and intellectual property rights. These can be made available on several open blockchains. While doing so, it protects users’ privacy and confidentiality by only allowing authorized users access to this data.
“TOKO applauds Dubai’s commitment to leading the world in virtual asset regulation,” Thiel said, expressing his excitement for the company’s decision to proceed after receiving approval. It accomplishes this by offering a responsible, thorough, and understandable roadmap for the virtual asset sector. All through the use of a dependable and controlled environment for people and companies to interact with digital assets. We look forward to helping Dubai establish itself as a premier international centre for virtual assets.
Finally TOKO acquires the ability to function as a virtual asset broker-dealer in Dubai and from there by receiving the VARA license. It can produce traceable transactions that are recorded on the blockchain throughout an asset’s lifecycle and secure digital asset tokenization. This license not only strengthens TOKO’s reputation as a dependable tokenization service provider, but it also gives customers the assurance they need to explore the potential of decentralized finance in a safe and controlled setting.
