Crypto Industry Urged to Prioritize Real-World Utility Amid Tokenization Surge
This article highlights the growing emphasis within the crypto industry—especially in the Middle East—on aligning tokenization projects with real-world utility. Rifad Mahasneh, CEO of OKX MENA, cautions against tokenizing assets without clear value propositions, emphasizing that the industry must prioritize projects with tangible, everyday benefits. His comments come as the UAE leads global efforts in real-world asset (RWA) tokenization, underpinned by regulatory clarity and major institutional involvement.
Key developments include:
A $3 billion RWA deal involving MultiBank Group, MAG, and Mavryk.
A government-backed real estate tokenization pilot by the Dubai Land Department.
UAE’s stablecoin regulation framework approved in June 2024.
Plans to launch a dirham-pegged stablecoin by major UAE institutions, including ADQ and First Abu Dhabi Bank.
This regulatory clarity not only fosters innovation but also boosts institutional confidence, positioning the UAE as a global leader in crypto and asset tokenization.
Would you like a brief summary of the benefits and challenges of RWA tokenization based on this trend?