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Dubai Launches First Tokenized Real Estate Project
Dubai has launched the first licensed tokenized real estate project in the MENA region, marking a major step in the digitalization of real-world assets and aiming to attract global investors to the emirate’s booming property market.
Dubai has launched the first licensed tokenized real estate project in the Middle East and North Africa (MENA) region, paving the way for the digitalization of real-world assets and attracting global investors to its property market.
The project is a collaboration between the Dubai Land Department (DLD), the Central Bank of the UAE, and the Dubai Future Foundation. Tokenized real estate assets will be traded on a newly launched platform called “Prypco Mint,” with Zand Digital Bank appointed as the financial partner for the pilot phase.
On May 19, Dubai’s Virtual Assets Regulatory Authority (VARA) updated its regulations to include real-world asset (RWA) tokenization, allowing such tokens to be traded on secondary markets. During the pilot, individual investors will be able to purchase tokenized shares of ready-to-own properties in Dubai with a minimum investment of 2,000 Emirati dirhams (approximately $545). All transactions will be conducted in AED, without the use of cryptocurrencies, and initially limited to UAE ID holders. However, there are plans to expand the program globally.
