19-2-2025 – Dubai’s Virtual Assets Regulatory Authority (VARA) has granted MANTRA, a decentralised finance platform, its coveted Virtual Asset Service Provider (VASP) licence, marking a significant milestone in the company’s Middle Eastern expansion strategy.
The regulatory approval empowers MANTRA to establish a comprehensive virtual asset exchange whilst providing broker-dealer and investment management services within the emirate. This development strengthens the firm’s position as it seeks to expand its global footprint, with a particular emphasis on tokenising real-world assets.
Speaking about the achievement, MANTRA’s Chief Executive John Patrick Mullin highlighted Dubai’s pioneering role in cryptocurrency regulation. “This approval represents a pivotal moment in our mission to create a bridge between traditional and decentralised finance,” Mullin told reporters. “Dubai’s forward-thinking approach to Web3 and digital assets provides an ideal environment for our growth.”
The licence enables MANTRA to deliver regulatory-compliant financial products specifically designed for institutional investors. Mullin emphasised the importance of regulatory adherence, stating, “Our commitment to compliance underpins the trust we build with our users, and this licence exemplifies our long-term dedication to fostering responsible growth in digital assets.”
This regulatory milestone follows MANTRA’s recent strategic movements in the region. The platform recently forged a partnership with UAE property giant DAMAC Group, announcing plans to transition at least $1 billion worth of the group’s assets onto blockchain technology.
The company’s technological advancement continued in 2024 through a significant collaboration with Google. The tech behemoth not only serves as a primary validator and infrastructure provider for MANTRA’s blockchain but has also joined forces with the platform to launch an accelerator programme focused on real-world assets, aimed at spurring innovation in the sector.
