Hong Kong – Mantra of decentralized finance platform (DEFI) said it had obtained a license in virtual asset service provider (VASP) of the Dubai virtual asset regulatory authority (VARA).
The license allows the platform to operate as an exchange of virtual assets and to offer broker and investment management services in the region. It positions Mantra, which focuses on the Middle East region, for global expansion while strengthening its concentration on active world (RWAS), said the firm.
The chief executive officer of the cabinet, John Patrick Mullin, described Dubai as a leader of cryptographic regulations, noting that approval is a “crucial stage” in the strategy of the platform aimed at rejecting decentralized finance and traditional. With the license, Mantra can offer financial products in accordance with regulations adapted to institutional investors, benefiting from Dubai’s progressive position on the web3 and digital assets.
The company plans to deploy DEFI products designed to meet regional and international regulatory standards. “Regulatory compliance is fundamental for the trust we are building with users,” said Mullin. “This license reflects our long -term vision to stimulate responsible growth in the space of digital assets.”
Last month, the platform concluded an agreement with the Damac group of the real estate conglomerate based in the United Arab Emirates to provide at least $ 1 billion in the company to the blockchain rails.
In 2024, he added Google as the main validator and infrastructure for his blockchain and collaborated with the technology giant on an accelerator program for Rwas to encourage more development and innovation.
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