VARA issues an operating license to TOKO Network

Dubai’s Virtual Asset Regulatory Authority has issued an operating license to TOKO Network. This grants permission to the network to work as a Broker Dealer and Exchange Service. VARA has been engaging with crypto ventures in Dubai to ensure their operations comply with the prevailing regulatory provisions. TOKO Network’s gaining an operating license from the Authority signals that it is fully committed to transparency, compliance, and accountability.

Calling it a major milestone in the announcement, TOKO Network has emphasized that this will bring together a robust engine of token creation and compliance practices. Meaning, innovative technology and regulatory frameworks are coming together in Dubai.

Scott Thiel, the managing director of TOKO, has said that they are thrilled to receive the license from VARA. Scott has further added that they are now looking forward to supporting the development of a global virtual asset hub in Dubai. The Managing Director has also acknowledged that Dubai is fully committed to introducing regulations in the best interest of the digital asset industry and customers.

As for industries, it goes on to cover small and large-scale crypto ventures. The community has responded positively to this development, with most of them congratulating the team for this accomplishment. Others have sought an airdrop, while some have called it great news.

TOKO Network has received the operating license only after going through a rigorous review procedure. It consisted of its capabilities and demonstrable behavior to check if their operations aligned with the objectives of VARA. TOKO can now operate in and from Dubai as a broker-dealer when it comes to digital assets.

The operating license issued by VARA also strengthens the trust of customers in Dubai in the network. Most importantly, TOKO can now explore more possibilities for expanding its offerings to customers. It will currently cover the creation of digital asset tokenization and traceable transactions.

TOKO Network has assured the community that it is still committed to improving DeFi’s accessibility and reshaping the management of digital assets. It will deploy innovative technology to bring out responsible innovation while setting new standards for the industry.

TOKO Network has also partnered with VirtuZone to launch the first tokenized equity crowdfunding platform in Dubai. The mission here is to leverage the potential of Web3 to transform private equity fund-raising for businesses and investors.

VirtuZone and TOKO are, together, aiming to reshape startups that are in the early stages of their operations. Investors will be offered access to deep insights for a clear investment horizon.

Neil Petch from VirtuZone has said that their partnership aligns with the NEA, short for the National Entrepreneurship Agenda. Dubai is trying to become a hub of 10 unicorns by the end of 2031, and its NEA is likely to help achieve that. Not just startups but investors too could be attracted to Dubai for investment purposes.