Hong Kong – Decentralized Finance (Defi) Platform Mantra said it has obtained a Virtual Asset Service Provider (Vasp) license from Dubai’s Virtual Assets Regulatory Authority (VARA).
With the license, the platform can work as a virtual asset exchange and offer broker dealer and investment management services in the region. It positions Mantra, which focuses on the Midden-Oosterse region, for global expansion, while it strengthens its focus on tokenization of real-world assets (RWAS), the company said.
John Patrick Mullin, Chief Executive Officer of the company, described Dubai as a leader in Crypto Regulation and noted that the approval is a “crucial step” in the strategy of the platform to bridge decentralized and traditional finances. With the license, Mantra can offer regulatory financial products that are tailored to institutional investors, who benefit from Dubai’s progressive position on web3 and digital assets.
The company plans to roll Defi products that are designed to meet both regional and international regulatory standards. “Regular compliance is of fundamental importance for the confidence that we build with users,” said Mullin. “This license reflects our long-term vision on stimulating responsible growth in the digital asset room.”
Last month, the platform concluded an agreement with the Damac Group ownership bug-lomace established in the United Arabe Emirates to bring at least $ 1 billion of the company from the company to Blockchain rails.
In 2024, the Google added as a primary validator and infrastructure for its blockchain and worked together with the tech giant on an accelerator program for RWAS to encourage more development and innovation.
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