Latest news with #VirtualAssetsRegulatoryAuthority
Hi Dubai
3 days ago
- Business
- Hi Dubai
Dubai Land Department Launches World's First Property Token Ownership Certificate
Dubai has cemented its status as a global pioneer in real estate innovation with the launch of the world's first Property Token Ownership Certificate, following the successful debut of a tokenized real estate project on the Prypco Mint platform. Licensed by the Virtual Assets Regulatory Authority (VARA), Prypco Mint saw its inaugural property token offering sell out within just one day. The launch drew 224 investors, 70% of whom were first-time entrants to Dubai's real estate market, reflecting strong interest in low-barrier, digitally driven ownership models. Investors hailed from 44 nationalities, with the average investment amounting to AED10,714. The initiative is part of the Dubai Land Department's Real Estate Tokenization project, developed in collaboration with VARA, the Central Bank of the UAE, and Dubai Future Foundation under the Real Estate Sandbox framework. It aims to make property investment more accessible, transparent, and efficient, in line with the Dubai Real Estate Strategy 2033 and the Dubai Economic Agenda D33. The response has been overwhelming, with a waitlist now exceeding 6,000 potential investors, underlining the growing global appetite for digital property assets. The department is also working to onboard real estate developers onto the platform, expanding the scope of tokenized investment opportunities. This move not only diversifies Dubai's investor base but also signals a shift toward a more inclusive, tech-enabled real estate market. News Source: Emirates News Agency
The National
3 days ago
- Business
- The National
Dubai's first tokenised property project sells out on launch day with 224 investors
Dubai's first tokenised property project sold out within a day of its launch, attracting 224 investors, with 70 per cent of them entering the emirate's real estate market for the first time. The individual investors, representing 44 nationalities, paid Dh10,714 ($2,917) each on average for the tokenised shares in ready-to-own properties, the Dubai Land Department said in a statement on Thursday. 'As the region's first platform of its kind, the initiative continues to draw significant interest, with the waiting list exceeding 6,000 requests,' the government body said. 'This surge in demand reflects Dubai's growing appeal to new segments of global investors seeking innovative and accessible property ownership models.' The DLD developed the project in collaboration with the Virtual Assets Regulatory Authority, the Central Bank of the UAE and the Dubai Future Foundation through the Real Estate Sandbox. It is being executed through Prypco Mint. Currently, only Emirates ID holders will be able to invest in the project before it opens up to international investors in the 'near future, with additional platforms to be integrated in later phases', the DLD said during the official launch of the pilot phase on May 25. The initiative aims to broaden the real estate investor base while improving transparency and accelerating transaction processes. The project offers investment opportunities through the purchase of tokenised shares in ready-to-own properties in Dubai, starting from Dh2,000. All transactions are carried out exclusively in UAE dirhams, with no use of cryptocurrencies during the pilot phase, the DLD had said. Through the platform, investors can access all the property details, including pricing, risk factors, and technical specifications. DLD is currently working to allow real estate developers to list their projects on the platform, further expanding the initiative's scope and unlocking opportunities for digital property investment, it said on Thursday. The project, announced in March, focuses on converting real estate assets into digital tokens recorded on blockchain, helping to streamline the process of buying, selling and investing. Real estate tokenisation enables fractional property ownership, where each asset is divided into shares based on investors' budget and financial strategy. This allows investors to acquire a portion of a property without fully purchasing it. Dubai's real estate tokenisation market is forecast to reach Dh60 billion by 2033, representing 7 per cent of the emirate's total property transactions, according to government data.
Gulf Today
25-05-2025
- Business
- Gulf Today
DLD launches Mena's first tokenised real estate project
In a landmark move that reinforces Dubai's leadership in the real estate sector and harnesses cutting-edge technologies to advance property investment, Dubai Land Department (DLD) has launched the region's first tokenised real estate investment project through the 'Prypco Mint' platform. The initiative is being implemented in partnership with Prypco, in collaboration with the Virtual Assets Regulatory Authority (VARA), the Central Bank of the United Arab Emirates, and the Dubai Future Foundation (DFF) through the Real Estate Sandbox. Zand Digital Bank has been appointed as the banking partner for the project's pilot phase, positioning Dubai as the first city in the Mena region to adopt a licensed platform for real estate tokenisation. Dubai Land Department has officially launched the pilot phase of investment in tokenised real estate, marking the activation of the digital platform The platform enables users to generate returns and own a share in a prime real estate project in Dubai. Currently available exclusively to UAE ID holders, the platform is set to expand globally in the near future, with additional platforms to be integrated in later phases, further reinforcing Dubai's position as a global hub for innovation in tokenised real estate. The project offers individuals innovative investment opportunities through the purchase of tokenised shares in ready-to-own properties in Dubai, starting from just Dhs2,000. All transactions are carried out exclusively in UAE Dirhams, with no use of cryptocurrencies during the pilot phase. Through the platform, investors can access comprehensive property details, ranging from pricing, risk factors, and technical specifications to the minimum investment required, ensuring full transparency and informed decision-making. This initiative stems from a strategic partnership agreement between Dubai Land Department, Prypco, and Ctrl Alt Solutions, aimed at developing an innovative regulatory and operational framework for real estate tokenization. The partnership focuses on strengthening legislation, promoting knowledge, attracting specialised asset tokenization companies, and supporting innovation while safeguarding investor rights. As the market continues to evolve, tokenized assets are projected to represent up to 7% of Dubai's real estate market by 2033, equating to a value of Dhs 60 billion (USD 16 billion). Prypco Mint is poised to be the cornerstone of this transformation. The real estate tokenisation project is jointly managed by Dubai Land Department, as the regulator of physical real estate assets, and the Virtual Assets Regulatory Authority (VARA), as the regulatory body for digital assets. This collaboration ensures an integrated and transparent regulatory framework for this new and innovative model of property investment. In the current phase, the Central Bank of the United Arab Emirates plays a pivotal role in overseeing the opening of corporate accounts linked to real estate tokenization through the Client Money Account (CMA) system. This dedicated banking structure is designed to safeguard investor funds. Under this system, investors' funds are deposited into the CMA and are not transferred to the tokenization company until the purchase process is fully completed, enhancing security and ensuring maximum transparency. This project comes as part of the DLD's efforts to achieve the objectives of the Dubai Real Estate Sector Strategy 2033, which aims to reinforce Dubai's global leadership in this vital sector by strengthening partnerships with the private sector and attracting innovative international companies. It is also aligned with the goals of the Dubai Economic Agenda D33, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, which seeks to drive transformational projects that position Dubai as the world's best city to live and work in, through a fully integrated digital economy that enhances the emirate's position as a global hub for smart real estate investment. The project's initial phase is exclusively limited to ready-to-own properties, and tokenisation is permitted only through companies licensed by the Virtual Assets Regulatory Authority. Dubai Land Department is responsible for reviewing and validating the fairness of property pricing before any listing is approved on the platform. The pilot phase includes two authorized companies, Prypco and Ctrl Alt with plans to open the market to additional qualified firms in the future, supporting the growth of this emerging sector. Investors will benefit from both rental income and capital appreciation resulting from the property's appreciation, while holding a legally documented ownership share issued by Dubai Land Department-ensuring a transparent and secure investment experience without the complexities of traditional property management. This project is part of the Real Estate Evolution Space Initiative (REES) previously launched by Dubai Land Department, which aims to position Dubai on the global map for PropTech and artificial intelligence. WAM
The National
02-05-2025
- Business
- The National
ATM 2025: Dubai must 'take the lead' on cryptocurrency payments at hotels, tourism chief says
Dubai is well-placed to take the lead on accepting cryptocurrency payments at its hotels and other tourist establishments to help attract more international visitors, its tourism chief said. The move would be a 'great' opportunity for the travel and tourism sector, provided it is well regulated, especially as Dubai's Virtual Assets Regulatory Authority already has frameworks in place for cryptocurrencies, Issam Kazim, chief executive of the Dubai Department of Tourism and Commerce Marketing, told The National. 'If there is any place that should be taking the lead on this, it should be us,' he said at the Arabian Travel Market event. 'When it comes to being innovative and forward-looking, we don't like to say no to any opportunity that is realistic, we'd like to study it … we have experts in Dubai that we can sit with and understand the pros and cons and how we can launch it and mitigate any potential risks.' With more travellers and businesses adopting cryptocurrency for travel payments, Dubai is open to facilitate the use of digital currencies. 'If it could be a potential limiting factor to some, then I'd rather remove barriers,' Mr Kazim said. 'We'll make sure that we're mitigating all the risk and scrutinising it as much as possible but with an open mind and willingness to adapt and accept it if all the boxes are ticked.' A handful of hotels in Dubai are already accepting digital currency payments. Palazzo Versace has partnered with Binance to accept payments in cryptocurrencies such as BNB, Bitcoin, and Ethereum for room stays, dining, spa experiences, meetings and events. Similarly, the Manor by JA, located in Al Furjan, has introduced a crypto-to-crypto payment gateway managed by Binance. Dubai expects to exceed last year's annual international visitor numbers by 3 per cent as it intensifies marketing campaigns abroad to promote the emirate, Mr Kazim said. It attracted 18.7 million international tourists in 2024 − up 9 per cent annually. 'A good, safe assessment would be to keep pace with the growth that we've seen in Q1, that would be a comfortable, realistic target to push towards,' Mr Kazim said. Dubai recorded a 3 per cent annual increase in international visitor numbers to 5.31 million in the first three months of 2025, according to government data. Western Europe was its biggest source market with 1.15 million visitors, accounting for 22 per cent of the overall share. Dubai, home to long-haul giant Emirates airline and the world's busiest international airport, is also shifting its focus from being a transfer hub and single-visit destination. The emirate is seeking to attract more repeat visitors by introducing a five-year multi-entry tourist visa, doubling the number of hotel beds in the last decade and adding more airline capacity. The number of international visitors making return trips to the city within a year currently stands at 25 per cent of the total and that rate is expected to continue in 2025, Mr Kazim said. 'Today we're looking to make them residents of Dubai to work here, live here and retire here,' he said.
Arabian Post
24-04-2025
- Business
- Arabian Post
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
