Hong Kong – Decentralized Finance (Defi) Platform Mantra said it ensured a virtual asset provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (Vara).
The license allows the platform to act as a virtual asset exchange and offer brokerage dealer and investment management services in the region. It positions Mantra, which focuses on the Middle Eastern region, to global expansion, while strengthening its focus on tokenization of assets in the real world (RWAs), the company said.
The company’s CEO John Patrick Mullin described Dubai as a leader in the crypto regulation and noted that the approval is a “crucial step” in the platform’s strategy to bridge bridge -decentralized and traditional funding. With the license, mantra can offer regulatory compatible financial products tailored to institutional investors who benefit from Dubai’s progressive attitude on web3 and digital assets.
The company plans to roll defi products designed to meet both regional and international regulatory standards. “Regulatory compliance is fundamental to the confidence we build with users,” Mullin said. “This license reflects our long -term vision of creating responsible growth in the digital asset space.”
Last month, the platform signed an agreement with the United Arab Emirates-based real estate conglomerate Damac group to bring at least $ 1 billion of the company’s assets to blockchain rails.
By 2024, it added Google as a primary validator and infrastructure to its blockchain and collaborated with the tech giant about an accelerator program for RWAs to encourage more development and innovation.
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