Dubai has launched the first licensed tokenized real estate project in the Middle East and North Africa (MENA) region, previewing appetite for real-world tokenization in one of the world’s burgeoning crypto hubs.
Partners in the project include the Dubai Land Department (DLD), the Central Bank of the United Arab Emirates, and the Dubai Future Foundation, according to an announcement from the Dubai government. The tokens will be tradeable on the newly launched “Prypco Mint” platform, with Zand Digital Bank appointed as the bank for the project’s pilot phase.
On May 19, Dubai’s Virtual Assets Regulatory Authority (VARA) updated its rules to include real-world asset (RWA) tokenization, allowing such tokens to be traded on secondary markets.
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The project will allow individual investors to buy tokenized shares in “ready-to-own properties in Dubai,” with investments