Dubai continues to solidify its position as a global crypto hub. Following the approval of Ripple's XRP by the Dubai Financial Services Authority (DFSA) in November 2023, the city has now embraced another significant player in the blockchain space: MANTRA (OM). In January 2025, MANTRA announced a monumental $1 billion partnership with Dubai-based real estate giant DAMAC Group to tokenize real-world assets (RWAs) in the Middle East.
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๐๏ธ MANTRA & DAMAC: Tokenizing Real Estate in Dubai
The collaboration between MANTRA and DAMAC aims to digitize traditional financing processes by converting ownership rights into digital tokens on a blockchain. This move will provide both individual and institutional investors with secure and transparent access to investment opportunities in sectors that were previously difficult to reach.
Amira Sajwani, Managing Director at DAMAC, commented:
> โTokenizing our assets provides investors with transparent and reliable access to a broad range of investment opportunities. This process represents a critical step toward digital transformation in the industry.โ
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๐ช Dubai's Expanding Crypto Portfolio
Dubai's regulatory body, the DFSA, has been proactive in recognizing and approving various cryptocurrencies. Prior to MANTRA's partnership, the DFSA had approved XRP for use within the Dubai International Financial Centre (DIFC), allowing licensed virtual asset firms to incorporate XRP into their services.
Additionally, in November 2024, the DFSA recognized ZetaChain (ZETA) as a regulated cryptocurrency, further expanding the list of approved digital assets in the region.
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๐ Dubai: A Global Crypto Hub
Dubai's strategic initiatives and regulatory clarity have attracted major players in the crypto industry. The city's commitment to fostering innovation is evident through events like the TOKEN2049 conference, which drew over 15,000 attendees, including industry leaders and major firms like Binance.
With the UAE's progressive approach to fintech and blockchain technology, Dubai is poised to lead the next wave of digital transformation in the global financial landscape.
