MANTRA Secures VASP License from Dubai’s VARA
HONG KONG – The decentralized finance (DeFi) platform MANTRA has announced that it has successfully obtained a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This significant milestone enables MANTRA to function as a virtual asset exchange and provide a range of services, including broker-dealer and investment management, across the region.
By securing this license, MANTRA is strategically positioning itself for global expansion, particularly focusing on the burgeoning Middle Eastern market. The firm has emphasized its commitment to the tokenization of real-world assets (RWAs), which is a key component of its operational strategy. Chief Executive Officer John Patrick Mullin highlighted Dubai’s role as a pioneer in cryptocurrency regulation, asserting that this approval marks a “crucial step” in the platform’s mission to connect decentralized finance with traditional financial systems.
With the newly acquired license, MANTRA aims to offer regulatory-compliant financial products specifically tailored for institutional investors. This initiative is expected to leverage Dubai’s progressive outlook on Web3 technologies and digital assets. “Regulatory compliance is fundamental to the trust we build with our users,” stated Mullin. “This license reflects our long-term vision of fostering responsible growth within the digital asset ecosystem.”
In a recent development, the platform has entered into a partnership with the United Arab Emirates-based property conglomerate DAMAC Group, which aims to transition at least $1 billion of the firm’s assets onto blockchain technology. Furthermore, in 2024, MANTRA announced the addition of Google as a primary validator and infrastructure partner for its blockchain. The collaboration also includes an accelerator program focused on RWAs, designed to spur further development and innovation in the sector.
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