Dubai’s real estate boom in May coincided with major regulatory and industry developments to modernize how properties are sold and bought.
On May 1, Dubai’s MultiBank Group, real-estate giant MAG and blockchain provider Mavryk signed a $3 billion RWA agreement. The deal will bring MAG’s luxury real-estate projects into the blockchain using a regulated RWA marketplace.
On May 19, the Virtual Asset Regulatory Authority (VARA), Dubai’s crypto regulator, updated its guidelines to include provisions for real-world asset (RWA) tokenization. UAE Crypto Lawyer Irina Heaver told Cointelegraph these rules give issuers and exchanges a clear path to launch and trade tokenized real estate assets.
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