VARA, Securitize sign MoU for tokenization innovation in Dubai

Dubai’s Virtual Assets Regulatory Authority (VARA) and BlackRock-backed tokenization platform Securitize signed a Memorandum of Understanding (MoU) to advance tokenization and digital asset infrastructure across the United Arab Emirates and Dubai.

The MoU will establish a collaborative framework to support regulated tokenization initiatives, foster institutional participation and strengthen Dubai’s digital asset ecosystem, the companies said in a Thursday announcement shared with Cointelegraph.

VARA and Securitize seek to support tokenization initiatives in Dubai, including projects initiated by VARA, to attract more talent and explore how tokenized financial products should operate under Dubai’s regulatory framework.

Tokenization initiatives are also gaining traction in other financial technology-focused jurisdictions. Days earlier, the London Stock Exchange reportedly partnered with crypto exchange Kraken to launch tokenized stock trading on the operator’s night-time trading venue to offer 24/5 trading.

Related: London Stock Exchange partners with Kraken parent for tokenized UK stocks: FT

Tokenization is evolving into “mainstream” financial infrastructure: Securitize CEO

Dubai emerged as one of the “world’s most forward-looking jurisdictions for digital asset innovation,” said Carlos Domingo, co-founder and CEO of Securitize, emphasizing the importance of collaborating with regulators as tokenization moves from “concept to mainstream financial infrastructure.”