Leading decentralized finance (DeFi) platform operated by the MANTRA group, MANTRA Finance has successfully secured a Virtual Asset Service Provider (VASP) license from Dubai‘s Virtual Assets Regulatory Authority (VARA). The group confirmed the development in a blog post on Wednesday. With this license, MANTRA can now effectively operate as a Virtual Asset Exchange, providing Broker-Dealer and Management, and Investment services to its clients.
It is worth noting that this development signifies an important landmark in MANTRA’s commitment to adhering to regulatory compliance, security, and innovation within the fast-developing virtual asset industry. As revealed, the license would also strengthen the platform operations in the Middle East region, while ensuring the tokenization of real world assets (RWAs). In addition, it also underscores MANTRA’s commitment to providing advanced, secure, and transparent solutions while adhering to regulatory standards.
MANTRA to deliver top-notch services to clients using advanced blockchain technology
According to the post, MANTRA Finance plans to utilize its advanced blockchain technology to deliver fast, efficient, secure and non-custodial financial services. These services includes innovative products that combine the advantages of decentralized finance with the protection of traditional finance. This combination in turn offers benefits such as increased transparency, rapid trade settlement, and enhanced user control over assets.
Meanwhile, the CEO of MANTRA, John Patrick Mullin has reacted to the development, stating that the license was a crucial step in attaining the platform’s goal of global expansion. Mullin added that Dubai and VARA have cemented themselves as a leader in crypto regulation by establishing the most timely, comprehensive, and authentic framework for virtual assets and Web3.
The executive added that the UAE and broader MENA region has developed into a thriving ecosystem for web3 and virtual assets. He further that the license also allow MANTRA to deliver unique DeFi products globally, bridging the gap between decentralized finance and traditional finance. Mullian further highlighted MANTRA‘s goal of creating a future-focused financial ecosystem that benefits institutional and qualified investors globally. He however added that MANTRA is committed to working with other industry leaders to sharpen the future of virtual assets.
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