HONG KONG – Decentralized finance (DeFi) platform MANTRA said it secured a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).
The license allows the platform to operate as a virtual asset exchange and offer broker-dealer and investment management services in the region. It positions MANTRA, which focuses on the Middle Eastern region, for global expansion while reinforcing its focus on tokenizing real-world assets (RWAs), the firm said.
The firm’s Chief Executive Officer John Patrick Mullin described Dubai as a leader in crypto regulation, noting that the approval is a “crucial step” in the platform’s strategy to bridge decentralized and traditional finance. With the license, MANTRA can offer regulatory-compliant financial products tailored to institutional investors, benefiting from Dubai’s progressive stance on Web3 and digital assets.
The company plans to roll out DeFi products designed to meet both regional and international regulatory standards. “Regulatory compliance is fundamental to the trust we build with users,” Mullin said. “This license reflects our long-term vision of driving responsible growth in the digital asset space.”
Last month, the platform entered an agreement with United Arab Emirates-based property conglomerate DAMAC Group to bring at least $1 billion of the firm’s assets to blockchain rails.
In 2024, it added Google as a primary validator and infrastructure for its blockchain and collaborated with the tech giant on an accelerator program for RWAs to encourage more development and innovation.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.