Primary and Secondary Markets on the Rise

In May alone, Dubai witnessed around 18,700 real estate transactions, pushing the total value to 66.8 billion dirhams (approx. $18.2 billion). Compared to the same period last year, this represents a 44% jump in transaction value. The primary market was the standout performer with a 314% surge, while the secondary market also saw a notable 21% growth.

A Growing Foundation for Real Estate Tokenization

Industry experts believe this record-setting momentum indicates that Dubai is well-positioned for innovations like property tokenization. This process involves breaking down real estate assets into digital fractional shares, making them accessible to a wider range of investors.

One prominent executive noted that Dubai is proving to be a liquid and forward-thinking real estate environment, where tokenization is no longer a future possibility but an evolving reality. By lowering the entry barrier, fractionalized ownership could open up real estate investment to both local and global participants.

Institutional Moves and Regulatory Backing

The impressive performance in May was backed by significant developments on the institutional and regulatory front. On May 1, a $3 billion agreement was signed between Dubai’s MultiBank Group, real estate giant MAG, and blockchain tech provider Mavryk. Through this collaboration, MAG’s luxury projects will be tokenized and offered via a compliant blockchain infrastructure.

Later, on May 19, Dubai’s virtual asset regulator introduced updated guidelines to support the tokenization of real-world assets. These new rules provide greater clarity for platforms and issuers, helping to create a more secure environment for tokenized property offerings.

Another major step came on May 25, when the Dubai Land Department, the UAE Central Bank, and the Dubai Future Foundation jointly launched the first tokenized property initiative in the MENA region. This government-backed platform enables investors to buy digital shares of ready-to-own properties in Dubai.

Leading the Way in Property Tech Innovation

Dubai is swiftly evolving into more than just a luxury real estate hotspot—it’s becoming a pioneer in tech-driven ownership models. With robust regulatory support, record-level transaction activity, and large-scale blockchain adoption, the city is positioning itself as a global leader in real estate digitization.

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New Rulebook Aims to Strengthen Transparency and Market Safety

Released on May 19, the latest version of VARA’s rulebook—known as Version 2.0—introduces clearer definitions and stricter requirements across several core areas, including margin trading, token issuance, custodial wallets, and risk oversight. The objective is to provide a consistent structure for all regulated activities under VARA’s supervision.

VARA has announced that it will directly engage with licensed entities, with a 30-day transition period granted for implementation. The regulator emphasized that these updates are meant to reduce uncertainty and make regulatory compliance more streamlined across different services.

Expanded Oversight Across Core Services

VARA has enhanced its supervisory coverage across a broad range of activities, such as:

• Advisory services

• Brokerage operations

• Custody and safekeeping

• Crypto trading platforms

• Lending and borrowing

• Asset management and investment

• Virtual asset transfer and settlement

The revised framework also brings greater clarity to key terms like “client assets,” “qualified custodians,” and “collateral requirements,” helping service providers better understand and fulfill their obligations.

Tighter Controls on Margin Trading

Margin trading services are now subject to stricter leverage limits and clearer collateralization standards. VARA has also expanded monitoring duties for platforms offering such high-risk products.

Margin trading allows users to amplify positions with borrowed funds, which increases potential profits but also magnifies risks. By lowering leverage thresholds, the regulator aims to minimize mass liquidations during market downturns.

New Guidelines for Token Offerings and Promotions

The updated rulebook introduces a dedicated section focused on token distribution, detailing licensing prerequisites, investor protection standards, and restrictions on promotional activities. Special attention has been given to marketing rules, especially for retail-facing campaigns.

According to VARA, these measures are intended to align with global best practices and close existing gaps in oversight.

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Crypto.com, licensed by the Dubai Virtual Assets Regulatory Authority (VARA), is operating officially in the region. The signing ceremony took place during the Dubai FinTech Summit at the Dubai International Financial Centre. This partnership marks a significant step in Dubai’s digital finance vision.

Crypto Power Behind Dubai’s Cashless Strategy

This strategic collaboration will accelerate the implementation of Dubai’s Cashless Society Vision. Through this new payment channel, which will enable secure and efficient payments with cryptocurrencies, payments for government services can now be made using digital currencies. With this move, Dubai is crossing an important threshold in its transition to a fully digital financial infrastructure.

A New Era in Government Payments with Crypto

Director General of DOF, Abdulrahman Saleh Al Saleh, stated, “We take pride in leading Dubai’s cashless society strategy. This agreement with Crypto.com fully aligns with our vision to strengthen digital payment systems.” He emphasized that Dubai’s determination in this field contributes to global goals to grow the digital financial ecosystem.

Eric Anziani, President and COO of Crypto.com, said, “Dubai demonstrates global visionary leadership in digital payments. We are honored to play a role in this transformation.” He added that Crypto.com will implement the first comprehensive crypto payment infrastructure across government entities through this partnership.

Mohammed Al Hakim, President of Crypto.com UAE, stated, “The agreement announced today represents a significant step in integrating crypto into government digital payment systems. This collaboration is part of the D33 Agenda and reflects Dubai’s commitment to sustainable economic diversification.”

Amna Mohammed Lootah, Director of Digital Payment Systems Regulation, noted that this agreement is among the first initiatives globally enabling crypto payments for government services. She added that the goal is to conduct over 90% of public and private sector transactions via cashless methods by 2026.

The strategy is expected to drive at least AED 8 billion in annual economic growth, supported by the development of next-generation financial technology services and the rapid expansion of Dubai’s fintech sector.

When Will Crypto Payments Begin?

Once the required technical infrastructure is completed, individuals and businesses benefitting from government services will be able to make payments directly via Crypto.com’s digital wallets. The platform will securely convert these payments into UAE dirhams and transfer them to DOF accounts—thus establishing a next-generation payment system.

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Maldives Advances as a Crypto and Blockchain Hub with $9 Billion Investment 

According to the Financial Times, the agreement, signed on May 4, aims to establish the Maldives International Financial Centre in Malé. As a result, the tourism and fishing-based economy will diversify. Spanning an 830,000-square-meter area, the project is expected to create jobs for 16,000 people. Additionally, it is planned to be completed within five years and surpass the country’s GDP ($7 billion). 

Crypto for Economic Breakthrough 

The Maldives is turning to the crypto sector to reduce its external debt. It faces debt repayments of $600-700 million in 2025 and $1 billion in 2026. Consequently, the project could triple the GDP within four years. MBS Global, offering innovative financial solutions instead of traditional borrowing, has raised an initial $4-5 billion from high-net-worth individuals and family offices. The project targets $1 billion in revenue in its fifth year. According to the report, the country’s Finance Minister Moosa Zameer described the Dubai family office’s investment as “something that will rescue us from some of the challenges we are facing.” 

Dubai’s Blockchain Support for the Maldives 

Dubai is extending its blockchain technology leadership to the Maldives. In April 2024, the Dubai Land Department signed an agreement for blockchain integration in real estate tokenization. The Maldives, drawing inspiration from Dubai’s regulatory model, aims to compete with hubs like Singapore and Hong Kong. As a res

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VARA: Only Approved Firms Can Participate

In a joint statement with the Dubai Land Department (DLD), the Virtual Assets Regulatory Authority (VARA) emphasized that the pilot project, launched on March 19, is limited to a select group of companies that have received official approval from both regulatory bodies.

“No organization without explicit authorization from DLD and VARA is allowed to take part,” the statement read. “Any claims to the contrary are misleading and could lead to legal consequences.”

The regulator refrained from disclosing the names of the firms involved in these misleading claims.

Tokenized Property Market Could Hit $16 Billion by 2033

The initiative is part of Dubai’s broader vision to become a global hub for digital assets and blockchain technology. It’s projected that by 2033, tokenized real estate transactions could account for 7% of all property deals, reaching an estimated 60 billion dirhams (approx. $16 billion) in total volume.

Caution Ahead of Major Industry Event

This warning from VARA comes just days before the city hosts the Token 2049 conference. In a recent observation, on-chain investigator ZachXBT noted that such large-scale events often attract a higher-than-average number of scams and misleading projects.

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Coinbase in Advanced Talks to Acquire Deribit

Coinbase is in advanced talks to acquire cryptocurrency derivatives exchange Deribit. According to a March 21 report from Bloomberg, if the deal goes through, it would significantly strengthen Coinbase’s existing derivatives platform. Currently focused primarily on futures, Coinbase could become a leader in Bitcoin and Ethereum options trading by acquiring Deribit.

According to Bloomberg, Coinbase and Deribit have informed regulators in Dubai about the ongoing discussions. Deribit, which holds a license in Dubai, would need to transfer this license to Coinbase if the deal is finalized.

In January, Bloomberg reported that a potential deal could value Deribit between $4 billion and $5 billion. Deribit offers options, futures, and spot cryptocurrency trading. In 2023, its total trading volume reached approximately $1.2 trillion.

On March 20, competitor exchange Kraken announced plans to acquire NinjaTrader, a derivatives trading platform, for around $1.5 billion.

Crypto Derivatives Market Rapidly Growing

Cryptocurrency derivatives, such as futures and options, are gaining increasing popularity, especially in the U.S. Futures allow traders to buy or sell assets at a fixed price in the future, while options give traders the right to buy or sell an underlying asset at a predetermined price.

These derivative products are widely used by both retail and institutional investors for hedging and speculation purposes.

In December 2024, Coinbase reported that derivatives trading volumes surged by approximately 10,950% year-over-year. Coinbase lists derivatives tied to 92 different assets on its international exchange and offers a smaller number in the U.S..

In January, Robinhood launched cryptocurrency futures, increasing its competition with Coinbase.

In February, the world’s largest derivatives exchange, CME Group, announced an average daily trading volume of approximately $10 billion in crypto derivatives for the fourth quarter of 2024, marking an increase of over 300% compared to the previous year.

In February, Coinbase launched the first CFTC-regulated Solana futures in the U.S. and, in March, CME Group launched its own SOL futures contracts.

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Toncoin Open Interest Hits 42-Day High!

As of March 15, Toncoin open interest (OI) reached $169 million, representing a 67% increase compared to the previous day. According to CoinGlass data, this is the highest open interest recorded since February 1, when it stood at $171.49 million.

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TON is the native cryptocurrency of The Open Network, serving as the exclusive blockchain infrastructure for Telegram’s Mini App ecosystem.

TON Price on the Rise!

Alongside the increase in open interest, Toncoin’s price also climbed sharply. Over the past 24 hours, TON has gained 17%, trading at $3.45 at the time of writing, according to CoinMarketCap data.

Crypto analyst Crypto Billion noted in a March 15 X post that Toncoin is “showing signs of entering a potential long-term accumulation phase” as it stabilizes near key support levels.

However, if this rally proves to be short-lived, about $18.8 million in long positions could be liquidated if TON’s price falls back toward the $3 level it was trading at on March 14.

Durov’s Move to Dubai Triggers Market Reaction!

Reports indicate that a French court has allowed Durov to travel to Dubai, a jurisdiction known for having no extradition agreements with many countries. The crypto community views this development as significant, particularly because Durov’s August 2024 arrest in France sparked concerns over increased crackdowns on privacy-focused services. He was accused of running a platform that facilitated illicit transactions.

Similarly, following Durov’s arrest on August 24, 2024, TON’s open interest surged 32% within 24 hours, while the token’s price dropped by nearly 12%.

On January 21, Telegram announced it would cease supporting any blockchain other than The Open Network (TON) for its messenger services.

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Crypto.com Receives Derivatives License in the UAE

Today, Crypto.com announced that it has received a limited license from the Dubai Virtual Asset Regulatory Authority (VARA) to offer derivatives products in the United Arab Emirates. This license extends the company’s existing VASP license, broadening its regional operations.

With this limited license, Crypto.com’s regional unit plans to offer various derivatives products such as futures contracts, perpetual swaps, and CFDs. Initially, these services will be available to suitable institutional investors globally, with access later expanded to qualified individual investors. Additionally, with this license, Crypto.com retail users will be able to perform USD fiat transactions through Standard Chartered, facilitating USD deposits and withdrawals.

Crypto.com’s expansion of products and services is part of its broader Crypto.com Roadmap, which includes significant updates and launches throughout 2025.

Eric Anziani, Crypto.com’s VP and COO, stated, “We are aggressively transforming and evolving Crypto.com to offer all the financial technology tools users are looking for worldwide. With this limited license approval from VARA, we have taken a significant and exciting step forward.”

This is a major milestone for Crypto.com’s Dubai unit, following the receipt of the VASP license in November 2023, the full operational approval in April 2024, and the launch of global retail services with Standard Chartered in August 2024.

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Mantra Becomes the First DeFi Project to Secure a VASP License in Dubai

Dubai’s virtual asset regulator, VARA, has granted a VASP license to Mantra, a layer-1 blockchain focused on real-world assets (RWA). This makes Mantra the first DeFi platform to receive a license in Dubai.

Dubai is becoming a global blockchain hub, thanks to its clear regulations and comprehensive oversight system. Many companies, from crypto exchanges to media firms, are flocking to the region. VARA regulates all virtual asset activities, guiding the sector’s growth.

With the VASP license, Mantra is authorized to offer exchange, broker-dealer services, and management & investment services.

What is a VASP License?

Dubai has developed a comprehensive licensing system within VARA to regulate its virtual asset ecosystem. Companies seeking to engage in activities like exchange, advisory, brokerage, custody, lending, or issuance must obtain a license from VARA.

Mantra, with three licenses from VARA, is now authorized to offer exchange services, broker-dealer services, and virtual asset management & investment services.

Mantra CEO John Patrick Mullin stated:

“Dubai and VARA have created the most comprehensive and modern regulatory framework for virtual assets and Web3. Acquiring this license is a crucial step for Mantra and a significant milestone in our global expansion journey.”

Mantra Accelerates Growth with New License

Aligning with the UAE’s goal to become a blockchain hub, Mantra is strengthening its presence in the region. The company has entered a $1 billion agreement with Damac Group to provide token-based financing. Partnerships with Libre Capital and MAG are focused on fund tokenization and financing luxury real estate projects.

With the VASP license from VARA, Mantra will begin offering regulated DeFi services and accelerate its integration into the region’s financial ecosystem.

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Highlighting that Binance has built a successful ecosystem and continues to thrive, Zhao said, “The company is well-managed, and the Binance ecosystem is constantly growing. While I am not planning to work at the moment, I am always happy to look for ways to contribute.”

As one of the most recognized figures in the crypto world, CZ emphasized that despite challenges and increasing global regulations, Binance will continue to provide secure and innovative services to its users. The crypto community is eagerly watching to see if Zhao will once again actively contribute to the company in the future.

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His speech at Binance Blockchain Week not only showed that leadership and experience in the industry are not confined to a specific timeframe but also highlighted that Zhao‘s connection to Binance remains strong.

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