Gov’t Dubai agencies to llink real estate enrollment with tokenization of possession
Dubai’s real estate and crypto regulation have signed a new agreement aimed at expanding the adoption of digital assets in the real estate sector.
On April 6, the Dubai Land Department (DLD) announced An agreement with the Virtual Assets Regulatory Authority (VARA). According to the announcement, the agreement linked Dubai’s real estate enrollment with a tokenization of ownership through a management system.
The agreement aims to improve the digital infrastructure and attract global investment by enhancing liquidity in the market and the management management efficiency.
It also aims to support Dubai’s broader economic approach, which includes a goal of doubling the city’s gross domestic product in the next decade.
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The new real estate model will open the Dubai market to global investors
The new development follows the recent DLD project pilot to convert real estate assets to blockchain-based digital tokens.
On March 20, the DLD Pilot phase has been revealed of its real-estate tokenization project. Launching the tokenization made DLD the first entity of real-estate registration in the United Arab Emirates to token the acts of the property title. The DLD expects the initiative to drive a real estate investment growth, aimed at reaching a value of more than $ 16 billion by 2033.
Scott Thiel, co-founder and CEO of the real-word asset (RWA) tokenization platform Tokinvest, told Cointelegraph that the new development presents a clear message from the UAE government:
“In just three weeks, Dubai has left the pilot launch to the strategic implementation and the message is strong and clear: the future of real estate investment is onchain.”
Thiel also said the two hand -working agencies will create a smarter model that will open the Dubai real estate market to a global pool of investors. “This is not just another MOU. This is the playbook for real estate 2.0,” Thiel told Cointelegraph.
The executive has encouraged investors around the world to observe what the UAE is doing in terms of tokenization. Thiel said it was “what real estate’s future looks like.”
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