Latest news with #realestateinnovation
Zawya
14-07-2025
- Business
- Zawya
VARA developing new pilot projects in gold, decentralised finance: CEO
The Dubai Virtual Assets Regulatory Authority (VARA) has so far issued 36 full licences to entities operating in the virtual assets sector. Matthew White, Chief Executive Officer of VARA, told Emirates News Agency (WAM) that several hundred entities are currently at various stages of the licensing process, and new applications continue to be received from global firms seeking to expand in Dubai. He noted that the ecosystem now includes over 400 registered entities involved in activities ranging from proprietary trading to blockchain technology services and other supporting operations. White highlighted VARA's strategic partnership with Dubai Land Department, launched in early 2025, aimed at enabling an innovative regulatory initiative that allows for fractional ownership of real estate through tokenised assets. He explained that this fractional ownership model enables individuals to own a share of a property without purchasing it in full, broadening access to real estate investment for those unable to buy entire properties. This model has reinforced Dubai's position as a global hub for real estate innovation and digital assets. The pilot phase of the project successfully listed two properties under the fractional ownership framework, attracting around 300 investors, 70 percent of whom were first-time property owners in Dubai. This, White said, demonstrates the project's appeal to new local and international investor segments. He expects that tokenised real estate will soon be included on trading platforms, enabling more accessible and liquid exchange of such assets. White also revealed that VARA is currently working on new pilot projects involving gold and decentralised finance (DeFi) products, which are being evaluated as digital alternatives to traditional finance. He stressed that VARA is committed to building a fully integrated regulatory environment that fosters innovation while ensuring the highest standards of legal certainty and investor protection. White noted that VARA's core responsibilities include establishing an enabling and supportive regulatory framework, promoting Dubai as a global centre for virtual assets, enhancing cooperation with international and local entities, and developing intelligent oversight tools to ensure compliance. The Authority also plays a key role in driving the growth of the digital economy. He affirmed that VARA does not operate in isolation but works in coordination with other regulatory bodies in the UAE, including the Securities and Commodities Authority, the Central Bank of the UAE, Dubai Police, and the Department of Economy and Tourism, as well as other government institutions. On the topics of oversight and enforcement, White said VARA has adopted a comprehensive supervisory and inspection framework, which begins with issuing clear and simplified regulatory guidelines. These include a detailed marketing rulebook with visual examples to help companies understand acceptable and non-compliant practices. Companies are also required to submit detailed data such as customer profiles, transaction records and funding sources, enabling VARA to analyse them using both automated and manual tools to ensure compliance. He added that VARA maintains a dedicated enforcement track, which investigates violations identified by supervisory teams and refers cases for actions such as issuing warnings, imposing fines, or revoking licences. He confirmed that VARA actively monitors and addresses any unauthorised activity within the emirate. White said the Authority employs a "horizon scanning" system to detect unlicensed operations online or via other media, allowing legal action to be taken against violators, including closure of activities and seizure of proceeds if potential harm to the market is confirmed. Speaking about VARA's future legislative strategy, White described the Authority as a flexible regulator operating experimental regulatory programmes that allow it to assess risks from emerging business models and establish preliminary regulatory frameworks under direct supervision before integrating them into the full regulatory ecosystem. He noted that the establishment of VARA in 2022 marked a strategic milestone in line with the Dubai Economic Agenda D33, which aims to double the size of the emirate's economy over the next decade. He emphasised that VARA, as the world's first specialised regulator for virtual assets, was created not only to ensure a sound regulatory environment, but also to act as a key engine for sector growth, bolstering investor confidence and encouraging specialist entities to choose Dubai as their base.
Arabian Business
10-06-2025
- Business
- Arabian Business
Dubai real estate: PRYPCO Mint launches second tokenised property with investment from just $545
Dubai real est a te investors can buy a share of a AED1.875m ($510,500) home for just AED2,000 ($545) with tokenised property set to hit market this week. platform PRYPCO Mint has unveiled its second tokenised property offering, marking another significant step in the evolution of fractional property ownership in the UAE. Following the success of its inaugural tokenised listing, which was fully funded in less than 24 hours, PRYPCO Mint's new property listing goes live on June 11, further solidifying Dubai's role as a global leader in real estate innovation. Democratising Dubai real estate ownership The latest listing features a one-bedroom apartment in the prestigious Kensington Waters, located in Mohammed Bin Rashid City. Valued at AED1.875m ($510,500), the apartment is offered at a discounted rate of AED1.5m ($408,000), providing investors immediate equity and value. Fractional ownership begins at just AED2,000 ($545), allowing a new generation of investors to enter the premium real estate market through affordable, blockchain-backed investment options. Amira Sajwani, Founder and CEO of PRYPCO, said: 'The incredible response to our first tokenised property proved that investors are ready for a smarter, more accessible way to invest in real estate. 'With our second property, we're continuing to break down traditional barriers and offer high-quality opportunities to a broader, more diverse audience. At PRYPCO, our mission is to democratise property ownership, and this is just the beginning.' This launch follows the success of PRYPCO Mint's first-ever tokenised real estate transaction, which was executed in May 2025. The platform's debut property, a two-bedroom apartment in Business Bay, attracted 224 investors from over 40 nationalities, with an average investment of AED10,714 ($2,920). The listing, priced at AED2.4m ($653,500)—below its Dubai Land Department (DLD) valuation of AED2.89m ($787,000) —was fully funded in under 24 hours, demonstrating strong demand for transparent, technology-driven, and value-oriented real estate products. Regulatory milestone for blockchain-powered real estate A key milestone in the project's development was the issuance of Property Token Ownership Certificates by the Dubai Land Department (DLD) to the first group of investors. This certificate formally acknowledges blockchain-based property ownership, aligning the tokenisation of real estate with Dubai's robust legal and regulatory framework. This move is part of the broader Real Estate Tokenisation project, launched in collaboration with the Dubai Land Department and the Virtual Assets Regulatory Authority (VARA), aiming to institutionalise the emerging asset class within the UAE. The project is built on a secure and scalable blockchain infrastructure powered by Ctrl Alt, which issues ownership tokens via the XRP Ledger. Zand Bank, the platform's official banking partner, ensures financial integration, guaranteeing a seamless investment experience. Targeting tech-savvy investors and millennials PRYPCO Mint is designed to appeal to tech-savvy investors, millennials, and first-time buyers looking for flexible, liquid investment opportunities in the real estate sector. The platform's mobile-first experience reimagines property ownership by transforming what has traditionally been a slow, capital-heavy process into a streamlined, inclusive investment option. Currently available to UAE residents holding valid Emirates IDs, PRYPCO Mint plans to expand its reach to international investors in the next phase, further enhancing Dubai's reputation as a global hub for real estate innovation. The project aims to revolutionise how property is bought and sold, offering a more accessible, digital-first approach to investing in the UAE's dynamic real estate market.
Zawya
10-06-2025
- Business
- Zawya
PRYPCO Mint unveils second tokenised property as Dubai expands blockchain real estate after historic sell-out
Dubai, UAE – Following the landmark success of its inaugural tokenised property, which was fully funded in under 24 hours, PRYPCO Mint has announced the launch of its second tokenised listing, set to go live on 11 June 2025. This next phase not only reinforces investor confidence in fractional property ownership but also strengthens Dubai's standing as a global pioneer in real estate innovation and blockchain-powered investment. The new property listing features a one-bedroom apartment in Kensington Waters, Mohammed Bin Rashid City, with a total valuation of AED 1.5 million, offered at a discounted rate compared to its estimated market value of AED 1.875 million, giving investors instant equity and value. Through fractional ownership starting from just AED 2,000, the launch continues PRYPCO Mint's mission to make premium real estate accessible to a new generation of investors. Amira Sajwani, Founder and CEO of PRYPCO, said: "The incredible response to our first tokenised property proved that investors are ready for a smarter, more accessible way to invest in real estate. With our second property, we're continuing to break down traditional barriers and offer high-quality opportunities to a broader, more diverse audience. At PRYPCO, our mission is to democratise property ownership, and this is just the beginning.' Launched on 25 May 2025, PRYPCO Mint, a joint initiative between the Dubai Land Department (DLD) and PRYPCO and licensed by the Virtual Assets Regulatory Authority (VARA), made history with MENA's first-ever fully tokenised real estate transaction, opening the doors to a new asset class for residents across the UAE. The platform's first property, a two-bedroom apartment in Business Bay, attracted 224 investors from over 40 nationalities, with an average investment of AED 10,714. Listed at AED 2.4 million, below its DLD valuation of AED 2.89 million, the listing was fully funded within one day, signalling strong demand for transparent, tech-enabled, and value-driven real estate products. In addition, the Dubai Land Department issued Property Token Ownership Certificates to the first cohort of investors, officially recognising this new form of blockchain-backed ownership. This regulatory milestone represents a key moment in institutionalising tokenised real estate within Dubai's robust legal framework. The Real Estate Tokenisation project operates under a framework developed by the Dubai Land Department in partnership with the Virtual Assets Regulatory Authority (VARA), the Central Bank of the UAE, the Dubai Future Foundation (DFF) via the Real Estate Sandbox. Ctrl Alt powers the project's blockchain infrastructure, issuing secure ownership tokens on the XRP Ledger, while Zand Bank serves as the official banking partner, ensuring robust financial integration. Targeting tech-savvy investors, millennials, and first-time buyers, PRYPCO Mint enables digital property ownership through a mobile-first experience, transforming real estate from a traditionally slow, capital-heavy asset into a flexible, inclusive, and liquid investment. Currently available to UAE residents holding valid Emirates IDs, the platform is expected to open to international investors in its next phase, further expanding Dubai's real estate footprint as a global innovation hub.
Arabian Business
29-05-2025
- Business
- Arabian Business
Dubai takes major tokenised real estate project step with world-first investment
The Dubai real estate sector leading the world again as tokenised property sells out and new ownership certificate launched. Dubai Land Department has launched the world's first Property Token Ownership Certificate, following the successful sale of the first tokenised real estate project on the 'Prypco Mint' platform — licensed by VARA — within just one day of launch. This milestone further reinforces Dubai's position as a global leader in real estate innovation and digital transformation. Dubai tokenised real estate The first project launched under the Real Estate Tokenisation Initiative attracted 224 investors, 70 per cent of whom entered Dubai's real estate market for the first time. This highlights strong investor confidence and the accessibility provided by flexible, low-cost digital solutions. Investors represented 44 nationalities, and the average individual investment amounted to AED10,714 ($2,917). This surge in demand reflects Dubai's growing appeal to new segments of global investors seeking innovative and accessible property ownership models. Dubai Land Department developed the Real Estate Tokenisation project in collaboration with the Virtual Assets Regulatory Authority (VARA) and the Central Bank of the United Arab Emirates and the Dubai Future Foundation (DFF) through the Real Estate Sandbox. It is being executed through Prypco Mint. The initiative aims to broaden the real estate investor base while enhancing transparency and accelerating transaction processes, aligning with the Dubai Real Estate Strategy 2033 goals and the Dubai Economic Agenda D33.
