Outside Source
DeFi platform MANTRA Finance has obtained a Virtual Asset Service Provider license from Dubai regulators to operate as a trading platform in the UAE.
According to a press release sent to crypto.news, after receiving the VASP license, the DeFi platform operated by MANTRA (OM) group plans to further advance its operations in the Middle East, specifically focusing on the tokenization of real-world assets.
The VASP license marks the first license obtained by MANTRA from Dubai’s Virtual Assets Regulatory Authority, which underscores the platform’s commitment to complying with local regulations and security standards.
For its users in the UAE, MANTRA’s offerings will include various investment products built within decentralized finance combined with traditional finance protection, such as increased transparency, rapid trade settlement, and enhanced user control over assets.
With the VARA license, MANTRA is able to scale these solutions and offer them to institutional clients and qualified investors in the UAE.
At the time of writing, MANTRA’s native token has been on the rise. According to data from crypto.news, the OM token has gone up by 3.13% in the past 24 hours and nearly 30% in the past seven days. MANTRA is currently trading hands at $7.60.
In the past 24 hours, the token has accumulated a trading volume of $453 million. Its market cap stands at $7.3 billion, placing it in 26th place on the overall crypto leaderboard by market cap. The token has a circulating supply of 972 million tokens.
CEO of MANTRA, John Patrick Mullin, viewed the platform’s VARA license as an important milestone for MANTRA and a significant step that marks the team’s journey towards global expansion. He stated that regulatory compliance is a fundamental part of building trust with users.
“This license 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,” said Mullin.
Moreover, MANTRA also plans to launch new DeFi products
designed to meet the needs of investors while complying with local regulations.
In January, MANTRA announced a partnership with Dubai-based DAMAC Group to offer token-based financing for real-world asset valued at a minimum of $1 billion. The tokenized assets will be available exclusively on the MANTRA chain by early 2025.
This article first appeared at crypto.news
