Dubai Enforces Stricter Oversight on Property Tokenisation Amidst $16 Billion Market Projection
Dubai's Virtual Assets Regulatory Authority and the Land Department have jointly issued a warning against unauthorised promotion of the Real Estate Tokenisation Project pilot, cautioning that entities not approved by both agencies could face fines and market bans for illegal virtual asset activities.
The initiative, launched under the Real Estate Innovation Initiative , aims to transform property ownership by converting real estate assets into digital tokens recorded on blockchain technology. This approach allows for fractional ownership, enabling multiple investors to co-own a single property through tokenised real estate assets. The DLD anticipates that this groundbreaking initiative will drive significant growth in the real estate tokenisation sector, with its market value projected to reach AED 60 billion by 2033, representing 7% of Dubai's total real estate transactions.
The pilot phase is being implemented in collaboration with VARA and the Dubai Future Foundation through SandBox Real Estate. As part of this initiative, the DLD organised a specialised workshop on 'Real Estate Tokenization,' bringing together leading proptech companies, including top global firms specialising in real estate asset tokenisation.
Eng. Marwan Ahmed Bin Ghalita, Director General of the DLD, emphasised that real estate tokenisation is a revolutionary tool driving fundamental change in the real estate sector. 'By converting real estate assets into digital tokens recorded on blockchain technology, tokenisation simplifies and enhances buying, selling, and investment processes,' he stated. This aligns with the DLD's vision to achieve global leadership in real estate investment, leverage technology to develop innovative real estate products, and foster an ecosystem that supports real estate innovation.
See also UAE Emerges as Global Leader in Cryptocurrency Adoption
The Real Estate Tokenisation Project aims to attract global technology firms and open new investment opportunities for the investor market. It seeks to diversify property ownership by allowing multiple investors to co-own a single property through tokenised real estate assets. Additionally, the project strengthens Dubai's position as a regional and global hub for virtual assets, enhancing its competitiveness on both local and international levels.
The DLD's initiative reflects a broader trend of integrating blockchain into traditional markets, placing real-world assets like bonds, funds, and credit on crypto rails. The digital token versions of real-world assets can be fractionally owned and transferred on the blockchain, lowering the entry barriers for investors and increasing market liquidity. Unlike crowdfunding, which pools investor funds for property purchases, tokenisation provides a more structured ownership model.
Arabian Post – Crypto News Network
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