Mantra secures first VARA DeFi licence paving way for global growth
This marks a significant milestone in Mantra's commitment to regulatory compliance, security, and innovation within the rapidly growing virtual assets ecosystem.
Mantran, backed by Shorooq, a multi-dimensional investment firm, is a purpose-built Layer 1 blockchain for real-world assets, capable of adherence to real-world regulatory requirements.
The VARA licence will support not just Mantra's global footprint as it introduces a range of innovative, regulatory-compliant financial products tailored to the evolving needs of investors around the world, but position it to further scale operations in the Middle East focused on the tokenization of real world assets (RWAs). It underscores Mantra's commitment to providing transparent, secure, and cutting-edge solutions while meeting the highest standards of regulatory oversight, the company said.
'By establishing the most timely, comprehensive and built from-the-ground-up framework for virtual assets and Web3, Dubai and VARA have become world leaders in crypto regulation. This license was a crucial step for Mantra and a key step in our journey towards global expansion,' said John Patrick Mullin, CEO of Mantra.
Shane Shin, Founding Partner at Shorooq, commented: 'The VARA licence is not just a regulatory milestone for Mantra, it represents a leap forward for the entire RWA and DeFi ecosystem. This sets a new benchmark for what compliant blockchain innovation can achieve in the Middle East and globally. We have backed Mantra from the beginning because we see its potential to transform how assets are tokenized and traded, bringing institutional-grade solutions to the blockchain space. With Dubai solidifying its position as a leader in virtual assets regulation, Mantra is perfectly positioned to spearhead this evolution.'
'The UAE and broader MENA region has fast become a progressive global hub and thriving ecosystem for Web3 and virtual assets owing to their regulatory initiatives and frameworks. This licence not only strengthens our presence regionally, it positions us internationally to deliver unique DeFi products that bridge the gap between decentralized finance and traditional finance. Our goal is to build a future-focused financial ecosystem that benefits institutional and qualified investors globally.'
Mantra leverages its cutting-edge blockchain technology to deliver fast, secure, and non-custodial financial services. The platform's offerings will include innovative investment products that merge the advantages of decentralized finance with the protections of traditional finance, such as increased transparency, rapid trade settlement, and enhanced user control over assets. With the VARA licence, Mantra is uniquely positioned to scale these solutions and offer them to both institutional clients and qualified investors in the UAE.
As the platform continues to innovate, Mantra will launch a variety of unique DeFi products designed to meet the dynamic needs of investors. Each product is developed with strict adherence to local regulations and international policy frameworks, ensuring that users benefit from both security and cutting-edge financial tools, the company said. – TradeArabia News Service
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