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MANTRA Finance FZE (MANTRA), a decentralized finance (DeFi) platform operated by MANTRA Group, has obtained a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA). The license allows MANTRA to operate as a Virtual Asset Exchange and provide Broker-Dealer and Management and Investment Services.
This development represents an important step in MANTRA's regulatory compliance efforts within the virtual assets ecosystem. The VARA license will support MANTRA's global operations as it introduces regulatory-compliant financial products, with a focus on expanding operations in the Middle East for real world asset (RWA) tokenization.
"By establishing the most timely, comprehensive and built from-the-ground-up framework for virtual assets and Web3, Dubai and VARA have become world leaders in crypto regulation. This license was a crucial step for MANTRA and a key step in our journey towards global expansion," said John Patrick Mullin, CEO of MANTRA.
"The UAE and broader MENA region has fast become a progressive global hub and thriving ecosystem for Web3 and virtual assets owing to their regulatory initiatives and frameworks. 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. Our goal is to build a future-focused financial ecosystem that benefits institutional and qualified investors globally."
MANTRA uses blockchain technology to provide non-custodial financial services. The company plans to offer investment products combining decentralized finance features with traditional finance protections, including transparency, fast trade settlement, and asset control. The VARA license positions MANTRA to offer these solutions to institutional clients and qualified investors in the UAE.
"By obtaining this license, MANTRA joins a growing community of regulated entities operating within the UAE, and we are excited to work alongside industry leaders to shape the future of virtual assets," added Mullin. "Our regulatory compliance is fundamental to the trust we build with users, and it reflects our long-term vision of driving responsible growth in the digital asset space."
MANTRA plans to launch various DeFi products designed for investors, developed in compliance with local regulations and international policy frameworks.
