Mantra secured a VASP license from VARA in the UAE. Mantra is now able to offer Defi products to both institutional clients and qualified investors within the UAE. OM tokens, which have a strong bullish trend, have risen 3% after the announcement of the license.
Mantra Finance has secured a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulator (VARA).
This license marks a pivotal moment for the mantra, allowing it to operate as a regulated trading platform within the United Arab Emirates.
Mantra Finance enters the United Arab Emirates crypto market
Known for focusing on filling the gap between decentralized and traditional finance through licensing, Mantra Finance is at the forefront of the UAE’s burgeoning crypto market.
Regulatory approval not only highlights the Mantra’s commitment to compliance, but also strengthens its operational capabilities in one of the fastest-growing financial hubs in the world.
The VASP license allows Mantra to offer a set of Defi products to both institutional customers and qualified investors within the UAE. These products aim to combine the benefits of Defi, such as transparency, rapid trade settlement, and combine enhanced user control with the security and trust associated with traditional financial systems.
Initially, Mantra partnered with Dubai-based Damac Group to provide token-based funding for real-world assets worth at least $1 billion.
Mantra CEO John Patrick Mullin highlighted the importance of the license, saying, “This license not only strengthens our presence regionally, but also bridges the gap between decentralized and traditional finance. “We will place us internationally to provide Defi products.” Mullin emphasized that regulatory compliance is based on building trust with users. This is essential for platform expansion and wider acceptance of Defi Solutions.
Looking ahead, Mantra plans to deepen its roots in the Middle East by focusing on tokenization of real-world assets. This coincides with the recent partnership with Dubai-based Damac Group, announced in January, to promote token-based funding for assets that exceed $1 billion. These tokenized assets are set to be available only in the mantra chain by early 2025, further integrating traditional asset classes into the Defi ecosystem.
Mantra (OM) prices skyrocket
Following the announcement, the price of the Mantra’s native token OM jumped to an intraday high of $7.70 before it stabilized at $7.53 at press.
Tokens have been on a persistent bullish trend, attracting attention from investors and traders, with an increase of 102% over the past month and 3078.5% over the past 12 months, according to Coingecko.
With approval of the VASP license, the token is expected to make more profits, potentially reaching $10.
