The Government's partners are the Dubai Land Department (DLD), the Central Bank of the United Arab Emirates and the Dubai Future Fund.
Tokens can be traded on the newly launched Prypco Mint platform, and Zand Digital Bank has been appointed as the bank for the pilot phase of the project.
On May 19, Dubai Virtual Asset Regulatory Authority (VARA)Updated its rules to include Real Asset tokenization (RWA), which allowed such tokens to be traded on secondary markets.The project will allow private investors to buy tokenized shares in "ready-to-sell real estate in Dubai" at a price starting from 2000 dirhams (545 USD).At the initial stage, all transactions will be carried out in dirhams (AED), without using cryptocurrency.Although the pilot program will be available only to those who have a UAE identity card, it is planned to expand it to the whole world.
In April, DLD and VARA agreed to link the Dubai Real Estate registry with the tokenization of properties.The aim of the initiative is to attract international investors and increase market liquidity. The United Arab Emirates, which is in demand among crypto entrepreneurs, positions itself as the center of the crypto industry.In May, Dubai entered into a partnership agreement with the Crypto website to simplify cryptocurrency payments for government services.
Source: Coin Telegfaph
