DeFi Platform MANTRA Finance Gets License from Dubai Regulators to Operate as a Trading Platform in the UAE

MANTRA (OM) group plans to further advance its operations in the Middle East, specifically focusing on the tokenization of real-world assets.

DeFi platform MANTRA Finance has announced receiving a Virtual Asset Service Provider (VASP) license from Dubai regulators, enabling it to operate as a trading platform in the United Arab Emirates (UAE).

According to a press release shared with crypto.news, the DeFi platform operated by MANTRA (OM) group aims to expand its operations further in the Middle East with a focus on tokenizing real-world assets.

The VASP license marks the first license MANTRA has obtained from the Dubai Virtual Assets Regulatory Authority (VARA), highlighting the platform's commitment to adhering to local regulations and security standards.

For its users in the UAE, MANTRA will offer various investment products that combine the strengths of decentralized finance (DeFi) with the protection of traditional finance, including increased transparency, rapid trade settlement, and enhanced user control over their assets.

With the VARA license, MANTRA will be able to scale these solutions and offer them to institutional clients and qualified investors in the UAE.

At press time, MANTRA's native token is showing signs of increase. According to data fetched by crypto.news, the OM token is up by 3.13% over the last 24 hours and up by almost 30% in the past seven days. MANTRA is currently trading at $7.60.

Over the last 24 hours, the token has gathered a trading volume of $453 million. It has a market capitalization of $7.3 billion, ranking it 26th on the overall crypto leaderboard by market cap. The token has a circulating supply of 972 million tokens.

Commenting on the platform's achievement, CEO of MANTRA, John Patrick Mullin, called the VARA license an important milestone for MANTRA and a significant step marking the team's journey towards global expansion. He stated that regulatory compliance is an integral part of building trust with their users.

“This license not only strengthens our presence regionally, it positions us internationally to deliver unique DeFi products that bridge the gap between decentralized finance and traditional finance,” said Mullin.

Additionally, MANTRA plans to launch new DeFi products that are designed to meet the needs of investors while adhering to local regulations.

In January, MANTRA announced a partnership with the Dubai-based DAMAC Group to offer token-based financing for real-world assets valued at a minimum of $1 billion. The tokenized assets will be available exclusively on the MANTRA chain by early 2025.