MANTRA Finance Secures Virtual Asset Service Provider (VASP) License from Dubai’s VARA
MANTRA Finance, a leading DeFi platform, has officially obtained a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA), the company announced on Wednesday.
This regulatory milestone enables MANTRA to function as a virtual asset exchange, providing broker-dealer and investment management services within a structured and compliant framework.
With this approval, MANTRA is now positioned to introduce a variety of regulatory-compliant financial products for investors worldwide. This development further solidifies its presence in the Middle East, expanding its influence in the region.
Driving Innovation Through Real-World Asset (RWA) Tokenization
A major focus of MANTRA’s expansion strategy is the tokenization of real-world assets (RWAs), a growing trend as traditional and digital finance ecosystems continue to merge.
Strengthening Market Position in the UAE’s Virtual Asset Sector
Utilizing blockchain technology, MANTRA offers non-custodial financial services, combining the efficiency of DeFi with the stability of traditional finance. The company intends to introduce investment solutions that enhance transparency, expedite trade settlements, and improve user asset control.
By securing this license, MANTRA gains a strategic advantage in the UAE’s rapidly growing virtual asset sector, which is drawing considerable institutional interest. The firm is also looking to collaborate with other regulated entities in the region to contribute to the evolution of the digital asset industry.
As MANTRA expands, investors can anticipate a wide array of DeFi solutions tailored to the industry’s evolving demands, while ensuring adherence to both regional regulations and global financial standards.
Dubai’s Progressive Crypto Regulations Continue to Attract Investors
Dubai has positioned itself as a global leader in crypto regulation, with VARA establishing a robust framework to oversee virtual assets and Web3 enterprises. MANTRA CEO John Patrick Mullin emphasized the significance of this regulatory achievement, highlighting the license as a pivotal step in the company’s international expansion efforts.
“The UAE and the broader MENA region have rapidly emerged as a progressive hub for Web3 and virtual assets, driven by forward-thinking regulatory frameworks,” Mullin stated. “Our mission is to develop a next-generation financial ecosystem that delivers value to institutional and qualified investors worldwide.”
A study conducted late last year identified Dubai as one of the top global destinations for cryptocurrency businesses in 2024, ranking alongside Switzerland and South Korea. While Dubai’s regulatory environment fosters growth for crypto and blockchain enterprises with progressive policies and tax incentives, its approach remains rigorous and compliance-driven.
On October 1, 2024, VARA introduced stringent marketing regulations governing virtual assets, affecting both Dubai-based firms and international companies targeting Dubai residents. These rules promote transparency and prevent deceptive promotional practices.
To enforce compliance, VARA took firm action in October, issuing cease-and-desist orders and imposing financial penalties on seven entities that were operating without the required licenses and violating marketing regulations.
