MANTRA Secures VASP License from Dubai's VARA, Targets Global Expansion with RWA Tokenization

Decentralized finance (DeFi) platform MANTRA said it secured a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA).

Hong Kong-based decentralized finance (DeFi) platform MANTRA has secured a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA).

The license permits MANTRA to operate as a virtual asset exchange and provide broker-dealer and investment management services within the jurisdiction. It aligns with MANTRA's strategy to expand globally while focusing on the Middle Eastern region and tokenizing real-world assets (RWAs), according to the company.

In a statement, MANTRA CEO John Patrick Mullin highlighted Dubai's leadership in crypto regulation, emphasizing that the approval is a "crucial step" in the platform's plan to connect decentralized and traditional finance. The license enables MANTRA to create regulatory-compliant financial products tailored to institutional investors, capitalizing on Dubai's progressive approach to Web3 and digital assets.

The company intends to introduce DeFi products that adhere to both regional and international regulatory standards. “Regulatory compliance is fundamental to the trust we build with users,” said Mullin. “This license reflects our long-term vision of driving responsible growth in the digital asset space.”

In related news, MANTRA announced an agreement last month with United Arab Emirates-based property conglomerate DAMAC Group to tokenize at least $1 billion of the firm's assets and place them on blockchain rails.

Moreover, in 2024, MANTRA announced that Google will serve as the primary validator and infrastructure provider for its blockchain. The tech giant and MANTRA also collaborated on an accelerator program for RWAs to foster greater development and innovation.