Regulatory Licenses | Dubai Investment

Executive Summary

Elysium Media FZCO operates under a comprehensive regulatory framework that ensures maximum investor protection and compliance with UAE laws for real estate asset tokenization.

Multi-Layer Regulatory Framework

Our business model requires licenses from four distinct regulatory authorities in the UAE, each overseeing specific aspects of the operation:

VARA (Virtual Assets Regulatory Authority) - Issuance and trading of ARVA tokens
DFSA (Dubai Financial Services Authority) - Real estate investment crowdfunding
DED (Department of Economic Development) - Commercial and operational license
DLD (Dubai Land Department) - Registration and tokenization of property titles

Commitment to Transparency

All our licenses are publicly verifiable through the official registries of each authority. We maintain a policy of complete transparency with our investors.

1. VARA - Virtual Assets Regulatory Authority

License for Issuance and Trading of Asset-Referenced Virtual Assets (ARVA)

Virtual Assets Regulatory Authority

VARA is Dubai's independent regulatory authority for virtual assets, established in 2022. It is the first regulator dedicated exclusively to crypto-assets in the Arab world.

VARA License Details

License Number:

VA-ISS-001-2025

License Type:

Category 1 - Virtual Asset Issuance (ARVA)

Issue Date:

January 15, 2025

Validity:

Annual Renewal (next: January 15, 2026)

Status:

Active and in Full Compliance

Authorized Activities

ARVA Token Issuance: Authorized to issue ERC-3643 tokens backed by real estate properties in Dubai
Broker-Dealer: Facilitation of token purchase and sale between verified investors
Virtual Asset Custody: Secure storage through Fireblocks with $10M insurance
Secondary Market: Operation of peer-to-peer trading platform for issued tokens

Capital Requirements

Minimum Paid Capital: $408K (354K€)

Asset Reserves: 2% of total tokenized asset value in liquid reserve

Mandatory Insurance: $10M (9M€) coverage per account (Fireblocks)

VARA Compliance Obligations

Monthly Audits: Independent verification of asset reserves by KPMG

Quarterly Reporting: Financial and operational reports to VARA

Enhanced KYC/AML: Sumsub verification for all investors

Approved White Paper: Investment document reviewed by VARA for each property

Risk Disclosure: Mandatory risk statement before each investment

VARA Technical Standards

Token Standard: ERC-3643 (T-REX Protocol) with permissioned transfers

Authorized Blockchain: Ethereum Mainnet and Polygon (Layer 2)

Custody Provider: Fireblocks MPC Wallet with VARA approval

Price Oracles: Chainlink for on-chain NAV valuations

VARA Fee Structure

Application Fee: $27K (24K€) (one-time)

Annual License Fee: $54K (47K€) per regulated activity

Compliance Costs: $136K - $272K (118K - 236K€) annually (audits, reporting, personnel)

Verify VARA License

2. DFSA - Dubai Financial Services Authority

Category 4 License for Crowdfunding Platform (Investment-Based)

DIFC Financial Services Authority

The DFSA regulates financial services within the Dubai International Financial Centre (DIFC), a free zone with its own legal framework based on common law.

DFSA License Details

Firm Reference Number:

F006789

Category:

Category 4 - Crowdfunding Platform

Principal Activity:

Operating an Investment-Based Crowdfunding Platform

Authorization Date:

January 15, 2025

Status:

Authorized - DIFC Regulated Firm

DFSA Capital Requirements

Base Capital: $140K (121K€) (minimum for Category 4)

Retail Client Addon: +$20K (17K€) (to serve retail investors)

Total Required Capital: $160K (139K€)

DFSA Property Restrictions

Property Type: Residential properties with clear title only

Off-Plan Prohibited: Properties under construction or pre-sale not permitted

Maximum Value per Property: $5M (4M€) per individual listing

Location: Properties must be located in Dubai or UAE

Retail Investor Protection

Annual Retail Limit: Maximum $50K (43K€) per retail investor per year

Professional Investors: No limits (net worth >$1M or income >$100K)

Mandatory Disclosure: Risk warnings and approved prospectus for each property

Client Money Segregation: Investor funds in segregated accounts

Governance Requirements

Board of Directors: Minimum 3 directors with non-executive Chairman

Senior Executive Officer (SEO): Senior banking professional with 10+ years experience

Money Laundering Reporting Officer (MLRO): Certified and UAE resident

Compliance Officer: Full-time dedicated with DFSA certification

DFSA Fee Structure

Application Fee: $5K (4K€)

Annual License Fee: $10K (9K€)

Retail Client Fee: +$20K (17K€) annually

Verify DFSA Authorization

3. DED - Department of Economic Development

Trade License for FinTech and Blockchain Services

Dubai Commercial License

The Department of Economic Development (DED) issues commercial licenses to operate businesses in Dubai. Our license authorizes us for financial technology and blockchain services.

DED License Details

Trade License Number:

58510

Issuing Authority:

Dubai Digital Park

Legal Form:

Free Zone Company (FZCO)

Tax Registration Number (TRN):

104956612600003

Issue Date:

January 15, 2024

Validity:

Annual Renewal (next: January 15, 2026)

Authorized Business Activities

Financial Technology Services: Development and operation of FinTech platforms

Blockchain Technology: Tokenization and smart contract services

Software Development: Web platforms and mobile applications

Business Consulting: Real estate investment advisory

Registered Address

IFZA Business Park

DDP, PO Box 342001

Dubai

United Arab Emirates

Fees and Renewal

Annual License Fee: $4K - $5K (4K - 5K€)

Renewal: 60 days before expiration

Verify DED License

4. DLD - Dubai Land Department

Approval for Property Title Tokenization

Dubai Land Department

The Dubai Land Department (DLD) is the regulatory authority for the real estate sector in Dubai. Since 2025, DLD permits the tokenization of property titles under its Real Estate Evolution Space (REES) initiative.

REES Initiative - Real Estate Evolution Space

In March 2025, DLD launched the first government program in the Middle East for blockchain tokenization of property titles, projecting that tokenized assets will represent 7% of Dubai's real estate market by 2033 (~$16 billion USD).

DLD Approval Details

REES Participant ID:

REES-2025-078

Authorized Blockchain:

Ethereum Mainnet (ERC-3643) & Polygon

Platform Partner:

DLD-Approved Tokenization Infrastructure

Status:

Active REES Participant

DLD Tokenization Standards

Title Deed Linkage: Each token backed by property title registered with DLD

Fractional Ownership: Minimum $544 (472€) per fraction

Transfer Protocol: On-chain transfers synchronized with DLD registry

Valuation Oracle: DLD-approved appraisals updated quarterly

Property Requirements

Clear Title: Clean property title without liens or litigation

DLD Registration: Property registered in DLD system with Makani number

Independent Valuation: Certified appraisal by DLD-approved appraiser

Property Insurance: Mandatory insurance against damage and disasters

DLD Market Projections

2025: ~1% tokenized market ($1B (1B€))

2028: ~3% tokenized market ($3B (3B€))

2033: 7% tokenized market ($16B (14B€))

Verify DLD Registry

5. Compliance, KYC/AML and Anti-Money Laundering

Compliance with FATF, UAE AML Laws and International Regulations

Certified KYC/AML Provider

Provider: Sumsub (UK-based, ISO 27001 certified)

Document Coverage: 220+ countries, 6,500+ document types

Liveness Detection: AI-powered facial biometric verification

Sanctions Screening: Verification against OFAC, UN, EU, UAE lists

AML/CFT Program

MLRO (Money Laundering Reporting Officer): Designated and UAE certified

Risk-Based Approach: CDD (Customer Due Diligence) and EDD (Enhanced) per profile

Transaction Monitoring: Automated system for suspicious pattern detection

SAR Reporting: Suspicious Activity Reports to UAE FIU (Financial Intelligence Unit)

PEP Screening: Enhanced Due Diligence for Politically Exposed Persons

Compliance with International Standards

FATF Recommendations: 40 FATF recommendations implemented

FATCA: Foreign Account Tax Compliance Act (US)

CRS: Common Reporting Standard (OECD)

GDPR: General Data Protection Regulation (EU)

Dubai PDPL: Personal Data Protection Law (DIFC Law No. 5 of 2020)

Record Retention

KYC Records: 10 years from account closure

Transaction Records: 7 years

Tax Records: 6 years (UAE VAT Law)

6. Audits and Ongoing Oversight

Independent Audits and Regulatory Reporting

External Audit Firm

Auditor: KPMG Lower Gulf Limited

DFSA License: Registered Audit Firm

Frequency: Semestral (every 6 months)

Types of Audits

Financial Audit: IFRS-audited financial statements annually

Reserve Verification: Monthly audit of tokenized assets vs. reserves (VARA)

Compliance Audit: Verification of KYC/AML and regulatory procedures

Cybersecurity Audit: Quarterly penetration testing and security assessment

Smart Contract Audit: CertiK, Quantstamp for each new deployment

Regulatory Reporting

VARA Quarterly Reports: Financial and operational reports

DFSA Annual Returns: Financial statements and compliance confirmations

DED Annual Renewal: Business activity and financial declarations

Federal Tax Authority: VAT returns (quarterly) and Corporate Tax (annual)

Regulatory Oversight

On-Site Inspections: VARA and DFSA may conduct unannounced inspections

Thematic Reviews: DFSA thematic reviews on specific areas

Enforcement Powers: Sanctions, fines, suspension or license revocation

7. Public License Verification

All our licenses are verifiable in official public registries

We maintain a policy of complete transparency. Each license can be independently verified through the public registries of each regulatory authority.

Verify VARA License

Search license number: VA-ISS-001-2025

Go to VARA Public Registry

Verify DFSA Authorization

Search Firm Reference: F006789

Go to DFSA Public Register

Verify DED Trade License

Search Trade License: 58510

Go to DED Registry

Verify REES Participation

Verify REES participant ID: REES-2025-078

Go to DLD Tokenization Portal

Contact for Verification

To request certified copies of our licenses or direct confirmation with regulatory authorities:

Email: [email protected]

Phone: +971 505924965

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Regulatory Licenses and Authorizations

Executive Summary

Multi-Layer Regulatory Framework

Commitment to Transparency

1. VARA - Virtual Assets Regulatory Authority

Virtual Assets Regulatory Authority

VARA License Details

Authorized Activities

Capital Requirements

VARA Compliance Obligations

VARA Technical Standards

VARA Fee Structure

2. DFSA - Dubai Financial Services Authority

DIFC Financial Services Authority

DFSA License Details

DFSA Capital Requirements

DFSA Property Restrictions

Retail Investor Protection

Governance Requirements

DFSA Fee Structure

3. DED - Department of Economic Development

Dubai Commercial License

DED License Details

Authorized Business Activities

Registered Address

Fees and Renewal

4. DLD - Dubai Land Department

Dubai Land Department

REES Initiative - Real Estate Evolution Space

DLD Approval Details

DLD Tokenization Standards

Property Requirements

DLD Market Projections

5. Compliance, KYC/AML and Anti-Money Laundering

Certified KYC/AML Provider

AML/CFT Program

Compliance with International Standards

Record Retention

6. Audits and Ongoing Oversight

External Audit Firm

Types of Audits

Regulatory Reporting

Regulatory Oversight

7. Public License Verification

Verify VARA License

Verify DFSA Authorization

Verify DED Trade License

Verify REES Participation

Contact for Verification

Legal Notice

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