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- MANTRA secures a Virtual Asset Service Provider license from Dubai’s VARA, enabling it to operate as a Virtual Asset Exchange.
- This license marks a significant step for MANTRA in integrating financial systems onchain, emphasizing regulatory compliance.
- MANTRA’s new license enhances its ability to offer innovative DeFi products, bridging decentralized and traditional finance.
- The UAE’s regulatory framework positions it as a leading hub for Web3 and virtual assets, supporting MANTRA’s global ambitions.
MANTRA has announced that it has obtained a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This license allows MANTRA to operate as a Virtual Asset Exchange and provide Broker-Dealer and Management and Investment Services. The announcement was made here.
The acquisition of the VASP license is seen as a significant step for MANTRA in its mission to integrate the world’s financial systems onchain. The company aims to be the preferred ledger of record for real-world assets, providing a blockchain that adheres to regulatory requirements. MANTRA’s CEO emphasized the importance of regulation in driving the next phase of real-world asset adoption, citing the impact of regulatory approvals on crypto ETFs as an example.
Securing the first DeFi license from VARA positions MANTRA to further innovate in financial products globally. This milestone underscores MANTRA’s commitment to regulatory compliance, security, and innovation within the virtual assets ecosystem. The UAE, particularly Dubai’s VARA, has been recognized for its comprehensive regulatory framework, which has established the region as a progressive hub for Web3 and virtual assets.
With this new license, MANTRA strengthens its regional presence and enhances its international capabilities to offer unique DeFi products. These products aim to bridge the gap between decentralized finance and traditional finance, adhering to international policy frameworks to ensure security and protection for users.
MANTRA plans to launch a variety of DeFi and real-world asset products designed to meet the needs of investors. The company remains committed to innovation while maintaining reliability, honesty, and integrity in its operations and communications.
Why This Matters: Impact, Industry Trends & Expert Insights
MANTRA has secured a Virtual Asset Service Provider (VASP) license from Dubai’s VARA, enabling it to operate as a Virtual Asset Exchange and expand its DeFi operations.
Recent industry reports indicate that DeFi regulations are evolving significantly, with increased regulatory clarity and frameworks like MiCA in Europe aiming to harmonize cryptocurrency regulations. This aligns with MANTRA’s efforts to adhere to regulatory requirements while expanding its DeFi offerings globally.
As per insights from DL News, the growth of permissioned DeFi platforms is bridging the gap between decentralized and regulated financial systems. This supports MANTRA’s strategy of integrating DeFi with traditional finance, enhancing security and compliance while offering innovative financial products.
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