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Dubai crypto regulator grants VASP license to RWA-friendly L1 blockchain
- Mantra, a RWA-focused layer-1 blockchain, is the first DeFi platform to receive a license from Dubai’s virtual asset regulator, VARA.
- Dubai's flourishing blockchain market is supported by permissive regulations and an advanced licensing system.
- VARA oversees all virtual asset activities in Dubai, including exchange, payments, custody, and advisory services.
- Mantra obtained a VASP license to provide exchange, broker-dealer, and management and investment services for virtual assets.
- VARA aims to establish a regulatory framework for virtual assets, positioning Dubai as a global leader in responsible innovation.
- Mantra's CEO views the license acquisition as a crucial step towards global expansion.
- The UAE is striving to become a global blockchain hub and is attracting startups and established companies to the region.
- Mantra has secured partnerships in the UAE, including agreements with Damac Group and Libre Capital for token-based financing.
- Mantra plans to diversify its DeFi services in Dubai with unique products and enhance its financial ecosystem.
- The VASP license marks a new phase for Mantra, focusing on integrating tokenized assets into its services and developing partnerships in the region.
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