The Dubai cryptography regulator has expressed an alert, warning companies wrongly pretending to be part of the city’s high -level real estate tokenization pilot, affirming that such a false declaration can violate the laws on virtual assets of the emirate.
Virtual Assets Regulatory Authority (VARA), in coordination with the Dubai Land Department (DLD), said on Tuesday that several entities have poorly suggested that they participate in the initiative of property titles based on DLD blockchain, which was launched as a limited pilot on March 19.
“No entity beyond people explicitly approved by DLD and Vara is authorized to participate,” said the regulator. “Any entity promoting their involvement in the project without formal confirmation … distort their status.”
Vara did not appoint any company in the press release.
The Tokenization initiative could represent 7% of all real estate transactions, valued at 60 billion dirhams ($ 16 billion), by 2033, previously reported Coindesk, as part of the city’s wider thrust to position itself as a global hub of technology and digital.
This warning from Vara occurs a few days before Token 2049 started in the city. Earlier in March, the Zachxbt chain investigator stressed that the conference tends to attract a disproportionate quantity of scams.
