- MANTRA has secured a VASP license in UAE from VARA.
- MANTRA can now offer its DeFi products to both institutional clients and qualified investors within the UAE.
- The OM token, which has been on a strong bullish trend, jumped by 3% after the license announcement.
MANTRA Finance has successfully secured a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).
This license marks a pivotal moment for MANTRA, enabling it to operate as a regulated trading platform within the United Arab Emirates.
MANTRA Finance’s entry into UAE’s crypto market
With the license, MANTRA Finance, known for its focus on bridging the gap between decentralized and traditional finance, positions itself at the forefront of the UAE’s burgeoning crypto market.
The regulatory approval not only underscores MANTRA’s commitment to compliance but also amplifies its operational capabilities in one of the world’s fastest-growing financial hubs.
The VASP license empowers MANTRA to offer a suite of DeFi products to both institutional clients and qualified investors within the UAE. These products aim to combine the benefits of DeFi like transparency, rapid trade settlement, and enhanced user control with the security and trust associated with traditional financial systems.
Initially, MANTRA had partnered with Dubai-based DAMAC Group to offer token-based financing for real-world assets valued at a minimum of $1 billion.
John Patrick Mullin, CEO of MANTRA, highlighted the importance of this license, stating, “This license not only strengthens our presence regionally, it positions us internationally to deliver unique DeFi products that bridge the gap between decentralized finance and traditional finance.” Mullin emphasized that regulatory compliance is foundational in building trust with users, which is crucial for the platform’s expansion and the broader acceptance of DeFi solutions.
Looking ahead, MANTRA has plans to deepen its roots in the Middle East by focusing on the tokenization of real-world assets. This aligns with their recent partnership with Dubai-based DAMAC Group, announced in January, to facilitate token-based financing for assets valued at over $1 billion. These tokenized assets are set to be exclusively available on the MANTRA chain by early 2025, further integrating traditional asset classes into the DeFi ecosystem.
MANTRA (OM) price surges
Following the announcement, the price of MANTRA’s native token, OM, jumped to an intraday high of $7.70 before stabilizing at $7.53 at press time.
The token has been on a sustained bullish trend, rising by 102% over the past month and by 3078.5% over the past twelve months according to CoinGecko, making it attract attention from investors and traders alike.
With the VASP license approval, the token is expected to see further gains, potentially hitting $10.
