Crypto Exchange, CEO of OKX, has urged its arm in the Middle East and North Africa (MENA) the encryption industry on focusing on providing benefit in the real world as an interest in the asset code in the real world (RWA).
In an interview with Cointelegraph at the Taken20249 event in Dubai, Rifad Mahsneh, CEO of OKX MENA, warned that despite the promising symbol, “projects should show” benefits of specific assets.
“In some cases, we symbolize things that do not need a distinctive symbol, but in some cases, we link things that already give you real, daily value, right? And if you can see that daily value, this is a promising project,” said Mahasneh Cointelgraph.
The CEO said that, similar to other industries, the noise can increase the project growth in the Web3 area. However, Cointelegraph said that providing daily value should be a priority.
The distinctive symbol RWA earns traction in the United Arab Emirates
Mahasneh’s comments come amid an increase in the realistic asset icon projects in the Middle East, including the United Arab Emirates.
On May 1, Multibank collection The RWA agreement was signed worth $ 3 billion With MAG and Blockchain Infrastructure, MAVRYK- The largest RWA initiative around the world so far.
In addition to billions in RWA deals, the United Arab Emirates government has started itself working on the RWA symbol. On March 19, the Ministry of Land in Dubai – the government agency responsible for the promotion, organization and registration of real estate in Dubai – An experimental stage announced From the distinguished real estate symbol project. The agency works with the Dubai Virtual Assets Regulatory Authority (VARA), which is an organizer of the emirate’s encryption.
On January 9, the RWA project is also One billion dollars signed Deal with the DAMAC group to repeat the assets of the United Arab Emirates bloc. However, after months, Mantra saw one of the largest distinctive symbols in the date of encryption, Wip billions In the market value on April 13.
Mahasneh Cointelegraph told the region that these moves pay the largest institutions to enter the distinctive symbol and encryption. OKX MENA CEO said that the clear regulations allow players to understand how the main players control space, such as stock exchanges, by reading the books of the rules set by the organizers.
Related to: Real estate is not the best assets for RWA – Michael Sonnenshein symbol
The framework of the United Arab Emirates gives Stablecoin confidence in institutions
The Executive Authority also praised the region’s progress in the stablecoin regulations. In June 2024, the Central Bank of the United Arab Emirates He agreed to an organizational framework To license Stablecoin. This shows the release and licensing of Dirham -backed codes.
According to his sense, this explains the UAE’s speed in organizing encryption technologies. The executive authority also highlighted that the central bank’s participation gives institutions additional confidence in entering into the work.
“Other markets still discuss whether they should have encryption regulations. Here, we moved to the development of Stablecoin regulations. For the investor, you want to know that your Stablecoin is organized. It’s a great advantage.”
Since then, the main players like Tether have joined the race Stablecoin Dirhamed Pegged version. On April 29, institutions such as the sovereign wealth fund in Abu Dhabi, Abu Dhabi Development Holding Company (ADQ), First Abu Dhabi Bank and International Holding Companyy (ADQ), First Abu Dhabi Bank and International Holding Companyy StableCoin Dirhamed pegged launchWaiting for organizational approval.
magazine: Crypto wanted to topple banks, and now it’s in Stablecoin fighting
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