MENA's cryptocurrency property project launches in Dubai
Dubai has once again taken the lead in the world of crypto and technology. Recently, Dubai has launched the Middle East and North Africa (MENA) region's first licensed tokenized real estate project, named "PRYPCO Mint". This project is considered a big step towards the tokenization of real world assets in Dubai. Information about this project was found in a post made on the official account of Prypco Mint on X.
Special features of this project launched in Dubai
The objective of this new project is that common investors can now buy a share in Dubai property for 2,000 Emirate Dirham ($545) and that too in the form of digital tokens. This will also give an opportunity to those people to invest in real estate who could not do so earlier due to lack of large amount.
Under the project, a new platform named "Prypco Mint" has been launched, where these Digital Tokens can be bought and sold. In the pilot phase of this initiative, all transactions will be in Dubai's local currency AED (Dirham). In which no cryptocurrency will be used.
Which institutions have partnership in this Dubai project?
This project has the partnership of many important government and private institutions:
Dubai Land Department (DLD)
Central Bank of the United Arab Emirates
Dubai Future Foundation
Zand Digital Bank (Bank Partner of Pilot Phase)
Apart from this, Dubai's Virtual Assets Regulatory Authority (VARA) has recently updated its rules and has also allowed RWA Token to trade in the secondary market.
This Dubai project is initially only for UAE citizens
The pilot phase of this Tokenized Real Estate Project will be available only to UAE ID Holders. That is, initially only citizens of the United Arab Emirates will be able to invest in it. However, there is a plan to take this facility to the global level in the future.
Why is Prypco Mint Project special
Real estate investment with low capital - Now any person can take a digital share in Dubai property from ₹ 45,000 (approximately).
Transparency and Security on Blockchain - This entire process will be based on blockchain, which will reduce the possibility of fraud.
Liquidity and accessibility will increase – Now people will get the facility to negotiate even in less liquid assets like real estate.
Preparations made in advance
In April this year, Dubai Land Department and VARA signed an agreement under which Dubai's real estate registry will be linked to the tokenization system. Its aim is to attract international investors and bring liquidity to the real estate sector.
What are the future prospects?
According to Custom Market Insights, the global real estate tokenization market can reach $19.4 billion by the year 2033. Its growth rate is estimated at around 21% annually. It will include all types of properties including residential, commercial and industrial.
What is going on around the world?
Although some companies like RealT and Metlabs are already tokenizing real estate, many companies have also failed due to regulatory difficulties. This move of Dubai is important because it has come with full government support and license.
Prypco Mint takes real estate digital
To further strengthen its leading role in the digital world, Dubai has launched a new platform called Prypco Mint, which connects real estate to Web3 technology. This move is part of Dubai's larger mission to become the world's digital leader. The aim of this initiative is to provide a digital and transparent system to investors.
The Prypco Mint platform is built on XRP Ledger (XRPL), one of the world's fastest and most secure blockchain technologies. Based on my research and analysis on blockchain, I believe that this technology has won the trust of users around the world for the last 10 years. All transactions on Prypco Mint through XRPL will be fast, cheap and secure. This will make Dubai's real estate market even easier and more reliable.