From regulatory clarity to collateral reserves, through transparency and licensing. Guido Rocco (RIV Technologies) explains why only in this way can tokens attract institutional capital and enter the real economy.
Translation of an article published in BeBeez Magazine no. 38 of January 31, 2026
by Stefania Peveraro
The world of tokens is the focus of the third episode of Digital Finance Files, BeBeez‘s monthly column in collaboration with RIV Capital. From stablecoins to meme coins, including utilities and asset-backed tokens, the landscape is broad and complex. But the key word is regulation. Guido Rocco, COO of RIV Technologies, discussed this issue, emphasizing how regulations such as the MiCAR in Europe and the VARA in Dubai are laying the foundations for a structured development of digital assets. According to Rocco, the presence of collateral reserves is essential to make tokens compatible with the interests of institutional investors.
Question: Guido, welcome back. Today we’re talking about tokens. A term that’s been around a lot, but encompasses very different realities. Where do we start?
Answer: The token ecosystem is vast. A token represents value on a distributed ledger, a blockchain. There are several main categories. There are backed tokens, which have reserves to guarantee their value, such as stablecoins pegged to fiat currencies, or asset reference tokens, which are based on diversified baskets of assets. Then we have utility tokens, which are used to purchase goods or services within a specific ecosystem. Finally, there are speculative tokens, such as so-called meme coins, which have no intrinsic value and are used solely for speculation.
Q. In a market that is becoming increasingly regulated. What is the current regulatory framework?
A. Clearer regulation is emerging, and it’s essential if we want digital assets to become an integral part of the real economy. In Europe, we have the MiCAR regulation, and in the Middle East, the VARA regulation in Dubai. Both establish a framework for the issuance, use, and services related to tokens. MiCAR, in particular, defines a taxonomy, introduces figures such as CASPs (Crypto Asset Service Providers), and imposes specific conditions for issuing or offering tokens. All of this is always in line with anti-money laundering regulations, as in the case of the so-called travel rule, which requires the traceability of senders and recipients in cryptocurrency transactions.
Q. So, is the regulatory framework becoming essential for distinguishing legal from illegal operations?
A. Exactly. Licenses, public registries, and AML rules serve to ensure transparency, legality, and trust in a sector that, so far, has also experienced critical incidents and fraud. Regulation is what allows us to distinguish what has a real economic function from what is pure, uncontrolled speculation.
Q. Speaking of the real economy: which tokens can really be useful and relevant for businesses?
A. It depends on the use case. If the token is to function as a currency, reserves are needed to guarantee its value, to prevent it from collapsing overnight. If we’re talking about utility tokens, then it’s crucial to have a functioning ecosystem and tangible goods or services to purchase. In my opinion, backed tokens and utility tokens are best suited to having a positive impact on the real economy, especially within a clear and recognized regulatory framework. Speculative tokens, on the other hand, should be left to professional operators. They are not suitable instruments for a retail audience.
Q. And what about institutional investors? What is needed for a token to be considered “investable” by them?
A. Our experience with RIV Coin tells us that two factors are essential: collateral reserves and a regulated ecosystem. The first is key to ensuring stability and trust. The second is essential to ensuring that those issuing or using tokens operate in compliance with current licenses and regulations. Without these elements, it’s difficult to imagine an institutional investor seriously considering a token.
Q. So transparency, clear rules, and financial solidity are the pillars on which to build a token market compatible with the real economy and professional investors?
A. Exactly. If we want tokens to emerge from their speculative niche and become stable, reliable, and useful instruments, we need a solid regulatory foundation and real resources to support them. This is the direction we’re moving in, and it’s the one that will allow the digital asset market to truly mature.
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