Dubai has launched the Middle East and North Africa's first licensed tokenized real estate project, marking an important milestone for blockchain adoption in the region.
The initiative, backed by the Dubai Land Department (DLD), the UAE Central Bank and the Dubai Future Foundation, will allow investors to purchase tokenized shares in ready-to-own properties in Dubai starting from as little as AED 2,000 ($545).
The tokens will be traded on the newly introduced Prypco Mint platform, and Zand Digital Bank will facilitate dirham transactions during the pilot phase, currently limited to UAE ID holders, but with plans to expand globally.
The move follows VARA's May 19 regulatory update, which allows RWA tokenization in secondary markets.