Shipfinex FZCO has received In-Principle Approval (IPA) from the Virtual Assets Regulatory Authority (VARA) in Dubai for a broker-dealer license for its platform designed to enable fractional ownership of ships by tokenising maritime assets.

The company uses Distributed Ledger Technology (DLT), more commonly known as ‘blockchain’, to convert vessels into Maritime Asset Tokens (MAT). This allows individual investors to hold ownership rights in ships.

The IPA validates that the company meets initial requirements for security, compliance, and operational capability.

“This is an evolutionary step for ship finance, impacting both debt and equity through technology,” said Dipak Karki, Chief Financial Officer of Shipfinex.

“It allows the exchange to be an efficient, transparent platform for individuals and institutions to share economic ownership of a vessel.”

The company says it will now work toward securing a full Virtual Asset Service Provider (VASP) license, and is currently progressing toward its first tokenised vessel offering under the new regulatory framework in Dubai.