- MANTRA has obtained a VASP license in the UAE from VARA.
- MANTRA can now offer DeFi products to institutional clients and qualified investors in the UAE.
- The OM token, which has been on a strong upward price trend, jumped about 3% after the license announcement.
MANTRA Finance has secured a Virtual Asset Service Provider (VASP) license from the Virtual Assets Regulatory Authority (VARA) in Dubai.
This license marks a significant milestone for MANTRA, allowing it to operate as a regulated trading platform within the United Arab Emirates.
MANTRA Finance enters the UAE crypto market
With this regulatory approval, MANTRA Finance — known for its focus on bridging decentralized finance (DeFi) and traditional finance — positions itself at the forefront of the UAE’s rapidly expanding crypto market.
The regulatory endorsement not only underscores MANTRA’s commitment to compliance but also expands its operational capabilities within one of the world’s fastest-growing financial hubs.
The VASP license empowers MANTRA to offer a suite of DeFi products to institutional clients and qualified investors in the UAE.
These products are designed to combine DeFi advantages like transparency, fast settlement, and enhanced user control with the security and trust associated with traditional financial systems.
Initially, MANTRA partnered with Dubai-based DAMAC Group to provide tokenized financing for real-world assets with an aggregate value of at least $1 billion.
John Patrick Mullin, CEO of MANTRA, emphasized the importance of the license, stating,
“This license not only strengthens our regional presence, it positions us globally to deliver unique DeFi products that bridge the gap between decentralized finance and traditional finance.”
Mullin stressed that regulatory compliance is fundamental to building user trust, which is essential for platform growth and broader adoption of DeFi solutions.
Looking ahead, MANTRA plans to deepen its roots in the Middle East by focusing on tokenization of real-world assets.
This aligns with the recent partnership with Dubai-based DAMAC Group, announced in January, to facilitate token-based financing for assets valued at over $1 billion.
Those tokenized assets are slated to be available exclusively on MANTRA’s chain by early 2025, further integrating traditional asset classes into the DeFi ecosystem.
MANTRA (OM) price surges
Following the announcement, MANTRA’s native token OM climbed to a daily high of $7.70 before settling around $7.53 at press time.
The token has been in a sustained uptrend, gaining roughly 102% over the past month and about 3,078.5% over the past 12 months according to CoinGecko, drawing attention from investors and traders alike.
With the VASP license now in place, OM is expected to see further upside, with some market participants projecting a potential move toward $10.