PRYPCO secures VARA property token issuance license

PRYPCO has secured a Category 1 Virtual Asset Issuance License from Dubai’s Virtual Assets Regulatory Authority (VARA), adding token issuance to its existing broker-dealer authorization, according to a LinkedIn post by Joseph El Am, General Manager of PRYPCO Mint. The approval enables the company to both issue and distribute regulated tokens backed by real-world assets, bringing those activities together on one platform.

As per VARA website, PRYPCO is now permitted to provide VA Broker-Dealer Services to Retail and Qualified Investors under VA Limited License in the context of tokenization of ARVA authorized by Dubai Land Department.

Joseph El Am stated, “This makes PRYPCO a dual VARA licensed company. Together with our existing Broker-Dealer license, we can now both issue and distribute regulated tokens backed by real-world assets. The full lifecycle, from creating the asset to putting it in investors’ hands, now sits under one regulated platform. That’s a rare position to be in, and it changes what we can build.”

The significance goes beyond adding another regulatory permission. In Lara on the Block’s October 2 interview with El Am, the focus was already shifting from proving demand for tokenized property to building the infrastructure needed to support a much larger market. The new license addresses a key part of that ambition: authorization to create the tokens, rather than only distribute them.

From property pilot to market infrastructure

In the earlier interview, El Am described PRYPCO Mint’s property initiative as a pilot designed to test and build the infrastructure around tokenized ownership. He said the platform had funded 10 properties in two months, with one funding round completed in 1 minute and 58 seconds. But the broader objective was infrastructure capable of supporting hundreds or thousands of properties, multiple platforms and a wider investor base—not simply more listings on a single platform.

That distinction helps explain the importance of the issuance license. Investor demand alone does not create a scalable tokenized asset market. Platforms also need the regulatory permissions and operational systems to bring assets to market. Combining issuance and broker-dealer activities gives PRYPCO a broader role in that process, although each activity remains subject to its applicable regulatory requirements.

PRYPCO Mint’s property platform launched in May 2025 through a Dubai Land Department initiative, with the pilot allowing UAE ID holders to invest from AED 2,000. The project linked fractional property investment with Dubai’s land registration framework, making the legal and operational connection to the underlying property central to the model.

What the license changes—and what it does not

Under VARA’s rules, Category 1 virtual asset issuance requires specific authorization. Licensed issuers must comply with requirements covering company governance, compliance and risk management, technology and information, and market conduct, alongside the issuance rules. VARA also requires firms authorized for multiple activities to meet the requirements for each activity in full.

As El Am noted, “We’ve always believed the future of this market belongs to those who build it properly, and that’s exactly what we intend to keep doing: more asset classes, bigger partnerships, and bringing institutional capital into the space.”

PRYPCO has identified more asset classes, larger partnerships and attracting institutional capital as its next priorities. The license marks a concrete step towards the infrastructure-led model he outlined: moving beyond a successful property pilot towards a platform with a broader role in bringing real-world assets onchain.

In a separate development, PRYPCO has extended its partnership with Checkout.com to cover payment processing for PRYPCO Mint, adding payments infrastructure alongside its tokenization offering.

According to the partnership announcement, PRYPCO recorded a 20% increase in payment acceptance rates after going live with Checkout.com in July 2026.

The collaboration already supports acquiring and processing for PRYPCO Blocks, its fractional property investment platform, including during demand peaks around new property launches. It also includes network tokenization, which replaces card details with unique digital identifiers to protect payment data and help reduce false declines, and global payouts supporting near-instant access to funds. Network tokenization relates to payment credentials and is distinct from the property tokenization offered through PRYPCO Mint.