Token Ops, when you actually have tokenised funds

A thin off-chain module, off by default. Not smart contracts, not NAV, not a transfer agent, and not VASP licence tooling.

A CIMA-registered tokenised mutual or private fund is not a virtual-asset issuance merely because it issues fund tokens. Enabling Token Ops does not mean the fund needs a VASP licence. Confirm the statute and CIMA conditions with counsel.