PANews reported on May 26 that, according to an official announcement, the Dubai Land Department (DLD) has partnered with the tokenization platform Ctrl Alt to launch a real estate tokenization project, which has also received support from the Dubai Virtual Assets Regulatory Authority (VARA) and the Dubai Future Foundation. The project utilizes XRP Ledger blockchain technology to achieve property certificate tokenization through the PRYPCO Mint platform, with a minimum investment threshold of 2,000 dirhams (approximately $545). This is the first government-led real estate blockchain tokenization project in the Middle East.
According to the project party's disclosure, this plan is part of Dubai's 'Real Estate 2033 Strategy', aiming to achieve a tokenized real estate market worth 60 billion dirhams by 2033. Ctrl Alt, as a technology provider, has completed a total of $295 million in asset tokenization and holds licenses issued by VARA for brokers and issuers.
