Hong Kong – Decentralized Finance (DEFI) platform mantra said that it is securing 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 offers a broker-dealer and regional investment management services. It positions the mantra, focusing on the Middle East region, for global expansion as it reinforces its focus on the taste of real-world assets (RWW), the company said.
Firm’s chief executive officer John Patrick Mullin described Dubai as head of crypto regulation, noting that approval was a “important step” on the platform’s approach to bridge decentralized and traditional finances. With the license, the mantra can offer financial products that comply with regulation to institutional investors, which benefits from Dubai’s progressive stance on the web3 and digital properties.
The company plans to launch defi products designed to meet both regional and international regulatory standards. “Following the regulation is important to the trust we are building with users,” Mullin said. “This license reflects our long -term perspective on driving responsible growth in the digital asset space.”
Last month, the platform enter into an agreement With the United Arab Emirates based on the Damac Group owned to bring at least $ 1 billion of the company’s properties to blockchain metals.
In 2024, this Added Google as the main validator and infrastructure For its blockchain and co -worked with tech giant in an accelerator program for RWWa to encourage more development and change.
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