HONG KONG — Decentralized finance (DeFi) platform MANTRA said it has been awarded a Virtual Asset Service Provider (VASP) license by the Dubai Virtual Asset Regulatory Authority (VARA).
The license allows the platform to operate as a virtual asset exchange and provide broker-dealer and investment management services in the region. The company said it lays the foundation for global expansion for Middle East-focused MANTRA while strengthening its focus on tokenizing real-world assets (RWA).
The company's CEO John Patrick Mullin called Dubai a leader in cryptocurrency regulation and noted that the approval is a "key step" in the platform's strategy to bridge decentralized finance and traditional finance. With the license, MANTRA can provide customized financial products that meet regulatory requirements to institutional investors and benefit from Dubai's active stance on Web3 and digital assets.
The company plans to launch DeFi products that comply with regional and international regulatory standards. "Regulatory compliance is fundamental to the trust we build with our users," Mullin said. "This license reflects our long-term vision to drive responsible growth in the digital asset space."
Last month, the platform inked a deal with United Arab Emirates-based real estate conglomerate DAMAC Group to put at least $10 billion of the company’s assets on blockchain rails.
In 2024, it added Google as a primary validator and infrastructure for its blockchain and launched the RWA Accelerator Program in partnership with the tech giant to encourage more development and innovation.