Emre Yumlu 
Dubai’s latest crypto VASP license opens the way for the layer-1 blockchain to launch unique DeFi services and products.
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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