RWA tokenization gains traction in the UAE
Mahasneh’s comments come amid an increase in real-world asset tokenization projects in the Middle East, including the United Arab Emirates.
On May 1, MultiBank Group signed a $3 billion RWA agreement with the UAE-based real-estate firm MAG and blockchain infrastructure provider Mavryk — the largest RWA initiative worldwide to date.
In addition to billions in RWA deals, the UAE government has started working on RWA tokenization. On March 19, the Dubai Land Department — the government agency responsible for promoting, organizing and registering real estate in Dubai — announced a pilot phase of its real-estate tokenization project. The agency is working with Dubai’s Virtual Assets Regulatory Authority (VARA), the emirate’s crypto regulator.