HONG KONG – Decentralized finance (DeFi) platform MANTRA acknowledged it secured a Digital Asset Service Provider (VASP) license from Dubai’s Digital Property Regulatory Authority (VARA).
The license enables the platform to function as a virtual asset alternate and offer dealer-vendor and funding management products and companies in the region. It positions MANTRA, which makes a speciality of the Heart Eastern region, for world expansion while reinforcing its focal level on tokenizing exact-world sources (RWAs), the firm acknowledged.
The firm’s Chief Government Officer John Patrick Mullin described Dubai as a frontrunner in crypto regulations, noting that the approval is a “well-known step” in the platform’s technique to bridge decentralized and outdated finance. With the license, MANTRA can offer regulatory-compliant financial products tailored to institutional investors, taking merit of Dubai’s innovative stance on Web3 and digital sources.
The firm plans to roll out DeFi products designed to fulfill both regional and global regulatory requirements. “Regulatory compliance is key to the belief we develop with customers,” Mullin acknowledged. “This license displays our long-term vision of using responsible recount in the digital asset mutter.”
Final month, the platform entered an agreement with United Arab Emirates-basically based fully property conglomerate DAMAC Group to bring no no longer as a lot as $1 billion of the firm’s sources to blockchain rails.
In 2024, it added Google as a main validator and infrastructure for its blockchain and collaborated with the tech extensive on an accelerator program for RWAs to support more construction and innovation.
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