Dubai’s crypto regulator has issued a warning, warning that companies mistakenly claim to be part of the city’s high-profile real estate tokenization pilot, saying that such a wrong representation may be contrary to the virtual assets of the emirate.

The Virtual Assets Regulatory Authority (VARA) said in coordination with the Dubai Land Department (DLD) that several devices have incorrectly suggested that they participate in DLD’s blockchain-based property title initiative launched as a limited pilot on March 19.

“No units beyond those who are explicitly approved by DLD and VARA are authorized to participate,” the regulator said. “Any device that promotes their commitment to the project without formal confirmation … represents their status.”

Vara did not name any companies in the release.

The tokenization initiative was able to account for 7% of all real estate agreements, valued at $ 60 billion ($ 16 billion), by 2033, Coindesk reported earlier as part of the city’s wider push to position itself as a global technical and digital asset hub.

This warning from Vara comes days before the token 2049 starts in town. Earlier in March, on-chain investigator Zachxbt pointed out that the conference tends to attract a disproportionate amount of scams.