Dubai’s real estate and crypto regulatory authorities have signed a new agreement aimed at expanding digital asset adoption in the real estate sector.
On April 6, the Dubai Land Department (DLD) announced an agreement with the Virtual Assets Regulatory Authority (VARA). According to the announcement, the agreement will link Dubai’s real estate registry with property tokenization through a governance system.
The agreement aims to improve digital infrastructure and attract global investment by enhancing market liquidity and property management efficiency.
It also aims to support Dubai’s broader economic strategy, which includes a goal of doubling the city’s gross domestic product over the next decade.
Related: Mantra and Damac sign $1B deal to tokenize Middle Eastern assets
New real estate model opens up Dubai’s market to global investors
The new development follows the DLD’s recent project pilot to convert real estate assets into blockchain-based digital tokens.
On March 20, the DLD announced the pilot phase of its real-estate tokenization project. The tokenization launch made DLD the first real-estate registration entity in the United Arab Emirates to tokenize property title deeds. The DLD expects the initiative to drive growth in real estate investment, aiming to reach a value of over $16 billion by 2033.
Scott Thiel, the co-founder and CEO of real-word asset (RWA) tokenization platform Tokinvest, told Cointelegraph that the new development shows a clear message from the UAE government:
“In just three weeks, Dubai has gone from pilot launch to strategic execution and the message is loud and clear: the future of real estate investment is onchain.”
Thiel also said that the two agencies working hand in hand will create a smarter model that opens Dubai’s real estate market to a global pool of investors. “This isn’t just another MOU. It’s the playbook for Real Estate 2.0,” Thiel told Cointelegraph.
The executive urged investors across the globe to observe what the UAE is doing in terms of tokenization. Thiel said this is “what the future of real estate looks like.”
Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why
Read the full article here
Follow us on Google News to get the latest Updates
