HONG KONG – Decentralized finance (DeFi) platform MANTRA stated it secured a Digital Asset Service Supplier (VASP) license from Dubai’s Digital Property Regulatory Authority (VARA).
The license permits the platform to function as a digital asset trade and supply broker-dealer and funding administration providers within the area. It positions MANTRA, which focuses on the Center Jap area, for world growth whereas reinforcing its deal with tokenizing real-world belongings (RWAs), the agency stated.
The agency’s Chief Government Officer John Patrick Mullin described Dubai as a frontrunner in crypto regulation, noting that the approval is a “essential step” within the platform’s technique to bridge decentralized and conventional finance. With the license, MANTRA can supply regulatory-compliant monetary merchandise tailor-made to institutional buyers, benefiting from Dubai’s progressive stance on Web3 and digital belongings.
The corporate plans to roll out DeFi merchandise designed to satisfy each regional and worldwide regulatory requirements. “Regulatory compliance is key to the belief we construct with customers,” Mullin stated. “This license displays our long-term imaginative and prescient of driving accountable development within the digital asset area.”
Final month, the platform entered an settlement with United Arab Emirates-based property conglomerate DAMAC Group to convey at the least $1 billion of the agency’s belongings to blockchain rails.
In 2024, it added Google as a main validator and infrastructure for its blockchain and collaborated with the tech large on an accelerator program for RWAs to encourage extra improvement and innovation.
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