Dubai Asset and Real Estate Authority warns of companies falsely claiming to be involved in real estate tokenization pilot
VARA did not mention any organization claiming unauthorized ties to the Real World Assets project.
Sam Reynolds | Edited by Parikshit Mishra Updated April 24, 2025, 2:35 PM Published April 24, 2025, 6:32 AM
Key points:
- Dubai's cryptocurrency regulator is warning companies against making false claims about their participation in a real estate tokenization pilot.
- The Virtual Asset Regulatory Authority has clarified that only approved entities are eligible to participate in the initiative.
- The warning was issued ahead of the Token 2049 conference.
Dubai's cryptocurrency regulator has issued a notice targeting companies that misrepresent their involvement in the city's real estate tokenization pilot, noting that such misrepresentations may contravene the emirate's virtual asset laws.
The Virtual Assets Regulatory Authority (VARA), in conjunction with the Dubai Land Department (DLD), announced on Tuesday that several entities had improperly assumed their participation in the DLD's blockchain-based property title registration initiative, which launched as a limited pilot on March 19.
“No entities other than those expressly approved by DLD and VARA are eligible to participate,” the regulator said. “Any entity that promotes its participation in the project without official confirmation… is misrepresenting its status.”
VARA's press release does not name any specific companies.
As CoinDesk previously reported, the tokenization initiative could account for 7% of all real estate transactions by 2033, worth AED60 billion ($16 billion), as part of the city's broader efforts to position itself as a global hub for technology and digital assets.
The warning from VARA comes just days before the Token 2049 conference in the city. Earlier in March, on-chain researcher ZachXBT pointed out that the conference typically attracts a disproportionate number of scammers.
