MANTRA Secures VASP License in Dubai

HONG KONG – Decentralized finance (DeFi) platform MANTRA announced it has secured a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).

The license enables MANTRA to operate as a virtual asset exchange and provide broker-dealer and investment management services in the region. This positions the platform, which targets the Middle Eastern market, for global expansion while emphasizing its focus on tokenizing real-world assets (RWAs).

John Patrick Mullin, the firm’s Chief Executive Officer, remarked on Dubai’s leadership in crypto regulation, indicating that this approval is a “crucial step” in bridging decentralized and traditional finance. With the license, MANTRA will offer regulatory-compliant financial products tailored for institutional investors, leveraging Dubai’s progressive approach to Web3 and digital assets.

The company plans to introduce DeFi products aligned with both regional and international regulatory standards. “Regulatory compliance is fundamental to the trust we build with users,” said Mullin. “This license reflects our long-term vision of driving responsible growth in the digital asset space.”

Last month, the platform entered an agreement with the UAE-based property conglomerate DAMAC Group to bring at least $1 billion of the firm’s assets onto the blockchain.

In 2024, MANTRA incorporated Google as a primary validator and infrastructure provider for its blockchain and joined forces with the tech giant on an accelerator program for RWAs, fostering further development and innovation.

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