Dubai launched the first special real estate project licensed in the Middle East and North Africa region (MENA), a delicacy of the distinctive symbol in the real world in one of the prosperous encryption centers in the world.
Among the partners in the project are the Ministry of Land in Dubai (DED), the Central Bank of the United Arab Emirates, and the Future Dubai Foundation, according to advertisement From the Dubai government. Distinguished codes will be traded on the newly launched “Pripco Mint” platform, with the Zand Digital Bank appointed as a bank experimental phase of the project.
On May 19, the Dubai Virtual Assets Regulatory Authority (VARA) has updated its bases to include the RWA code, allowing these symbols to be traded in secondary markets.
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The project will allow individual investors to buy symbolic shares in “ready -made real estate in Dubai”, with investments starting from 2000 dirhams ($ 545). During the experimental stage, all transactions will be carried out in Dirham (AED), with no use of encrypted currency. Although the experimental program will be limited to those who have UAE identity holders, there are plans to expand it worldwide.
In April, DLD and Vara agreed to link the real estate record in Dubai with property symbols. The declared goal was to attract global investors and enhance liquidity in the real estate market in Dubai. The project was initially announced in March.
A destination required for encrypted projects, the United Arab Emirates defines itself as an encryption center. In May, Dubai, one of the emirate inside the country, held a partnership with Crypto.com to help facilitate encryption payments for government services.
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The distinguished real estate code market may reach $ 19.4 billion by 2033
Real estate is one of the many areas of the distinctive symbol RWA that is preparing to make progress during the next few years. It meets some of the main promises of Blockchain technology, providing liquidity to relatively non -liquid assets and granting greater access to retailers.
According to For the visions of the customized market, it is expected that the distinguished code for global real estate will reach the maximum market of $ 19.4 billion by 2033, at an annual compound rate of 21 %. All three types of real estate – residential, commercial and industrial – will play a role.
Some companies specializing in Real real estate include Realt and Metlabs. However, many others have struggled in their efforts, greatly due to the complexities of movement in regulatory requirements.
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