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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