Dubai VARA Issues Warning on Misrepresentation in Real Estate Tokenization Pilot
The Virtual Assets Regulatory Authority (VARA) of Dubai has issued an alert regarding firms falsely claiming participation in the city's real estate tokenization pilot. Key points include:
- Misrepresentation may violate Dubai's virtual asset laws.
- Entities not approved by the Dubai Land Department (DLD) and VARA are unauthorized to participate.
- VARA did not disclose names of the firms involved in misrepresentation.
- The tokenization initiative could represent 7% of property deals, worth 60 billion dirhams ($16 billion), by 2033.
- This warning precedes the Token 2049 conference, known for attracting scams.
The initiative aims to enhance Dubai's status as a global tech and digital asset hub.