- MANTRA Finance obtained a VASP license from Dubai’s Virtual Asset Regulatory Authority.
- The project is all set to offer its RWA tokenization services in the Middle East.
Crypto regulation has always been one of the essential but hard to implement things in the crypto space. While some countries didn’t place clear regulations to follow, others maintained stringent regulatory policies when it comes to digital currencies. However, crypto regulation took front seat across the globe following Trump’s presidency in the US.
MANTRA Finance is the recent crypto project that obtained the first DeFi Virtual Asset Service Provider (VASP) license in UAE. Its official press release announcement revealed that the project secured this license from the Virtual Asset Regulatory Authority (VARA) of Dubai.
UAE Scrutinizes Crypto Enties Under VARA
The UAE established VARA and SCA (Securities and Commodities Authority) to regulate crypto entities in the country. It started operating in the country in September 2024 and made it mandatory for all the VASPs to obtain a license before operating in the country.
MANTRA Finance can now expand its operations in the Middle East with full compliance. This project primarily focuses on tokenization of RWAs and offering its relevant services in Dubai. Referring to the same, CEO of MANTRA stated,
“By establishing the most timely, comprehensive and built from-the-ground-up framework for virtual assets and Web3, Dubai and VARA have become world leaders in crypto regulation. This license was a crucial step for MANTRA and a key step in our journey towards global expansion.”
UAE’s VARA previously filed charges against 7 unlicensed crypto entities and issued cease-and -desist orders. Even though it didn’t reveal the names of these entities, this act set a precedent for all the other crypto companies that aim to operate in the UAE.
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