Dubai launched the first licensed token real estate project in the Middle East and North Africa region, which previews hunger for real -world tokens in the world -buried crypto hub.
Partners in the project include Dubai Land Department (DLD), United Arab Emirates Central Bank and Dubai Future Foundation, according to A Announcement From the Government of Dubai. The tokens will be traditional on the newly launched “Prypco Mint” platform, with the Zand Digital Bank appointed as a bank for the project pilot phase.
On May 19, Dubai’s Virtual Assets Regulatory Authority (VARA) updated its rules to incorporate real -world property (RWA) Tokanization, allowing such tokens to trade on secondary markets.
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The project will allow individual investors to buy shares with tokens in “Ready-to-on Property in Dubai” with investment starting from 2,000 Emirates Dirham ($ 545). During the pilot phase, all transactions will be done in Dirham (AED), in which no cryptocurrency will be used. Although the pilot program will be limited to people with UAE ID holders, it is planned to expand globally.
In April, DLD and Vara agreed to connect Dubai’s Real Estate Registry with a token of property. The declared goal was to attract global investors and increase liquidity in Dubai’s real estate market. The project was initially declared in March.
A soughting destination for Crypto entrepreneurs, the United Arab Emirates is giving itself a place as a crypto hub. In May, a Emirates within the country, Dubai participated with Crypto.com to provide crypto payment facility for government services.
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Real Estate Toking Market can reach $ 19.4B by 2033
Real Estate RWA is one of many areas of Tokenization that is ready for success over the next few years. This fulfills some of the major promises of blockchain technology, provides liquidity to relatively clear assets and provides more access to retail investors.
According For Custom Market Insights, the global real estate toilement market is expected to reach a market cap of $ 19.4 billion by 2033, growing at a mixed annual rate of 21%. All three types of real estate – residential, commercial and industrial – will play a role.
Some companies that specialize in token of real estate include realt and metlab. However, many others have struggled in their efforts, largely due to the complications of navigating regulatory requirements.
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