MANTRA Secures Dubai VASP License for DeFi Expansion

On February 19, 2024, MANTRA, a decentralized finance (DeFi) platform, announced it secured a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA). This license enables MANTRA to operate as a virtual asset exchange and offer broker-dealer and investment management services in the UAE and the broader MENA region. CEO John Patrick Mullin emphasized that this approval is a crucial step for global expansion and bridging decentralized and traditional finance, allowing the platform to offer regulatory-compliant financial products tailored to institutional investors. MANTRA plans to roll out DeFi products meeting regional and international regulatory standards and is already collaborating with UAE institutions to bring billions in assets on-chain, including a previously announced agreement with DAMAC Group to tokenize at least $1 billion of its assets. VARA has also tightened its rules on crypto marketing and cracked down on unlicensed digital asset companies.