Mantra Secures Dubai's First DeFi License, Paving Way for RWA Tokenization

Mantra, a layer-1 blockchain specializing in real-world asset (RWA) tokenization, has secured Dubai's first Virtual Asset Service Provider (VASP) license from the Virtual Assets Regulatory Authority (VARA). This license, granted in Dubai, authorizes Mantra to provide exchange, broker-dealer, and management and investment services for virtual assets. Dubai is emerging as a leading financial center for the blockchain industry, supported by clear crypto asset definitions and regulations. VARA oversees virtual asset activities, ensuring compliance with regulatory, financial, and operational requirements. Mantra's CEO, John Patrick Mullin, stated that the license is a crucial step for the company's global expansion. The UAE is becoming a global blockchain hub, attracting startups and established companies with its regulations. Mantra has already partnered with Damac Group in a $1 billion agreement for token-based financing across various sectors, and with Libre Capital to tokenize hedge funds and private credit funds. They are also working with Zand Bank to develop RWA tokenization frameworks. With the VASP license, Mantra plans to offer regulated DeFi services and diversify its offerings in Dubai.