Latest news with #ZandDigitalBank
Crypto Insight
4 days ago
- Business
- Crypto Insight
Dubai launches first licensed tokenized real estate project in MENA region
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. The project will allow individual investors to buy tokenized shares in 'ready-to-own properties in Dubai,' with investments starting at 2,000 Emirate dirham ($545). During the pilot phase, all transactions will be carried out in the dirham (AED), with no cryptocurrency to be used. Although the pilot program will be limited to those with UAE ID holders, there are plans to expand it globally. In April, the DLD and VARA agreed to link Dubai's real estate registry with the tokenization of property. The stated goal was to attract global investors and enhance liquidity in Dubai's real estate market. The project was initially announced in March. A sought-after destination for crypto entrepreneurs, the United Arab Emirates is positioning itself as a crypto hub. In May, Dubai, an emirate within the country, partnered with to help facilitate crypto payments for government services. Real estate tokenization market may reach $19.4 billion by 2033 Real estate is one of many areas of RWA tokenization that is poised for a breakthrough over the next few years. It fulfills some key promises of blockchain technology, providing liquidity to relatively illiquid assets and granting greater accessibility to retail investors. According to Custom Market Insights, the global real estate tokenization market is expected to reach a $19.4 billion market cap by 2033, growing at a compound annual rate of 21%. All three types of real estate — residential, commercial, and industrial — will play a role. Some of the companies that specialize in tokenizing real estate include RealT and Metlabs. However, many others have struggled in their efforts, largely due to the complexities of navigating regulatory requirements. Source:
Yahoo
5 days ago
- Business
- Yahoo
Dubai Unveils Real Estate Tokenization Platform on XRP Ledger Amid $16B Initiative
The Dubai Land Department (DLD), a government agency for the real estate industry, has launched its first tokenized real estate platform as part of a government-backed effort that could see $16 billion worth of real estate digitized by 2033. The platform, called Prypco Mint and developed in partnership with real estate fintech firm Prypco, allows investors to purchase fractional ownership in Dubai properties using local currency starting at 2,000 dirhams, or about $540, according to a Sunday press release by the agency. In the initial phase, the platform only supports dirham transactions and is available to United Arab Emirates ID cardholders, but the agency said it plans to expand access globally in the near future and integrate more platforms later. Zand Digital Bank is serving as the banking partner, while regulatory oversight comes from the UAE Central Bank, Dubai's Virtual Assets Regulatory Authority (VARA) and the Dubai Future Foundation through its Real Estate Sandbox. The technical backbone of the project is tokenization specialist Ctrl Alt's infrastructure, which has selected the XRP Ledger blockchain to place property title deeds on. The company said it has directly integrated with DLD's systems to ensure that the blockchain records stay in sync with traditional government real estate ledgers. The launch builds on Dubai's initiative that aims to accelerate tokenization, a red-hot crypto trend, of the city's booming property market. The agency projected that tokenized real estate could account for 7%, roughly $16 billion, of the city's total property transactions by 2033. Tokenization stands for using blockchains for moving and recording ownership of traditional financial instruments like bonds, funds or real estate, attracting a slew of global banks and asset managers with the promise of operational gains and faster, cheaper settlements. It could be a huge opportunity: tokenized assets could grow to a multiple trillion-dollar market over the next few years, as projected by Ripple, BCG, McKinsey and others.
Entrepreneur
5 days ago
- Business
- Entrepreneur
Dubai Land Department (DLD) Launches MENA's First Tokenized Real Estate Project
Currently available exclusively to UAE ID holders, the platform enables users to generate returns and own a share in a prime real estate project in Dubai. You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media. Dubai Land Department (DLD) has launched the region's first tokenized real estate investment project through the 'Prypco Mint' platform. The pilot phase of investment in tokenized real estate is activated on 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. The project offers individuals innovative investment opportunities through the purchase of tokenized shares in ready-to-own properties in Dubai, starting from just AED 2,000. 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. 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 tokenization. The real estate tokenization 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 tokenization 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. The initiative fosters a flexible legislative environment and encourages the attraction of talent and startups in this vital sector, further enhancing Dubai's global competitiveness.
Zawya
5 days ago
- Business
- Zawya
DLD launches MENA's first tokenised real estate project through ‘Prypco Mint' platform
DUBAI: 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 tokenized 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 tokenized real estate. The project offers individuals innovative investment opportunities through the purchase of tokenized shares in ready-to-own properties in Dubai, starting from just AED 2,000. 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 AED 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. The initiative fosters a flexible legislative environment and encourages the attraction of talent and startups in this vital sector, further enhancing Dubai's global competitiveness.
Emirates 24/7
5 days ago
- Business
- Emirates 24/7
DLD launches the MENA's first tokenized real estate project through the ‘Prypco Mint' platform
: 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 tokenized 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 tokenization. Dubai Land Department has officially launched the pilot phase of investment in tokenized 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 tokenized real estate. Innovative Investment Opportunities for Individuals The project offers individuals innovative investment opportunities through the purchase of tokenized shares in ready-to-own properties in Dubai, starting from just AED 2,000. 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 AED 60 billion (USD 16 billion). Prypco Mint is poised to be the cornerstone of this transformation. Ensuring Integrated and Transparent Regulation The real estate tokenization 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. Facilitating individual investors' access to the market 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 tokenization 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. Rental and Capital Returns 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. The initiative fosters a flexible legislative environment and encourages the attraction of talent and startups in this vital sector, further enhancing Dubai's global competitiveness. Follow Emirates 24|7 on Google News.
