MANTRA secures VARA license to operate in the UAE

DEFI Platform Mantra Finance obtained a license in virtual asset service provider from Dubai regulators to operate as a water trading platform.

According to a press release sent to Crypto.News, after receiving the Vasp license, the Challenge platform operated by Mantra (If) Group plans to advance its operations in the Middle East, by specifically focusing on the tokenization real assets.

The VASP license marks the first license obtained by Mantra de Dubai Virtual asset regulatory authorityThis underlines the commitment of the platform to comply with local regulations and safety standards.

For its water users, mantra offers will include various investment products built in decentralized finances combined with traditional finance protection, such as increased transparency, rapid commercial regulations and increased user control over assets.

With the VARA license, Mantra is able to scale these solutions and offer them to institutional customers and qualified water investors.

At the time of writing the time of the editorial staff, the mantra native token was increasing. According to data From Crypto.News, the OM token increased 3.13% in the last 24 hours and almost 30% in the last seven days. Mantra is currently negotiated at $ 7.60.

In the past 24 hours, the token has accumulated a commercial volume of $ 453 million. Its market capitalization amounts to $ 7.3 billion, placing it in 26th place in the overall classification of market capitalization cryptography. The token has a circulating offer of 972 million tokens.

Mantra CEO John Patrick Mullin considered the VARA license to the platform as an important step for Mantra and an important step that marks the team’s journey to global expansion. He said that regulatory compliance is a fundamental element in building confidence with users.

“This license not only strengthens our regional presence, but it positions us internationally to provide unique DEFI products that fill the gap between decentralized finance and traditional finance,” said Mullin.

In addition, Mantra also plans to launch new products defined
Designed to meet the needs of investors while complying with local regulations.

In January, Mantra announcement A partnership with the Damac group based in Dubai to offer financing based on tokens for a real asset valued at a minimum of $ 1 billion. Tokenized assets will be available exclusively on the Mantra channel at the beginning of 2025.