Dubai’s crypto regulator has issued an alert, warning of firms falsely claiming to be part of the city’s high-profile real estate tokenization pilot, saying that such misrepresentation may violate the emirate’s virtual asset laws.
The Virtual Assets Regulatory Authority (VARA), in coordination with the Dubai Land Department (DLD), said on Tuesday that several entities have improperly suggested they are participating in the DLD’s blockchain-based property title deed initiative, which launched as a limited pilot on March 19.
“No entities beyond those explicitly approved by DLD and VARA are authorised to participate,” the regulator said. “Any entity promoting their involvement in the project without formal confirmation… is misrepresenting their status.”
VARA did not name any firms in the release.
The tokenization initiative could account for 7% of all property deals, valued at 60 billion dirhams ($16 billion), by 2033, CoinDesk previously reported, as part of the city’s broader push to position itself as a global tech and digital asset hub.
This warning from VARA comes days before Token 2049 kicks off in the city. Earlier in March, on-chain investigator ZachXBT pointed out that the conference tends to attract a disproportionate amount of scams.
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