The Dubai Virtual Assets Regulatory Authority (VARA) has issued a public warning on unauthorized entities that are wrong to be part of the Dubai Land Department (DLD) Real estateization project.
According to an official statement of 23 April, VARA emphasized that the initiative launched on March 19 is limited to a select group of participants who have approved both the Dld and the VARA.
The regulator emphasized that every company or platform that promotes involvement in the project without formal approval is incorrectly displaying his status.
These misleading claims, in particular aimed at investors established in Dubai, can violate VARA’s marketing and promotional regulations.
In view of this, the agency clarified that such entities can deal with activities without a permit (VA), which are strictly prohibited unless relevant authorities are strictly prohibited by relevant authorities.
VARA also warned that platforms without a permit that present themselves as part of the tokenization project are an important threat to the protection of consumers. Because these companies are not officially involved, they are not subject to the supervision and guarantees that are built into the pilot framework of the project.
The supervisor warned that investors and market participants should thoroughly verify the license status of any company that offers virtual assets-related services in Dubai. VARA insisted on the public to treat non -rewarded promotional material or service offer with skepticism and to report suspicious activities.
At the same time, the DLD confirmed its dedication to the tokenization project, which aims to digitize the defines of the property and to convert it into real-world asset (RWA) tokens using blockchain technology. Dubai positions this initiative as a regional leader in real estate innovation.
During the launch of the project, the DLD was expected to be able to grow to a value of $ 16 billion in 2033, which represents about 7% of Dubai’s total real estate transaction volume.