Regulatory authorities in the field of real estate and cryptocurrencies in Dubai have signed a modern agreement aimed at extending the acceptance of digital assets in the real estate sector.
On April 6, the Earth Department in Dubai (DLD) announced Agreement with the regulatory body for regulation of virtual assets (VARA). According to the announcement, the agreement will connect the Real Estate Register in Dubai with the tokenization of real estate via the management system.
The contract aims to improve digital infrastructure and attract global investments by increasing market liquidity and property management efficiency.
It is also aimed at supporting a broader economic strategy in Dubai, which includes the purpose of doubles the gross domestic product in the city over the next decade.
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The modern property model opens the Dubai market for global investors
The modern development is in line with the latest DLD project remote control to transform real estate resources into digital tokens based on blockchain.
On March 20, DLD announced the pilot phase of the real estate toketenization project. The launch of tokenization meant that DLD was the first registration entity of real estate in the United Arab Emirates to toxhenize the actions of the title of real estate. DLD expects the initiative to escalate real estate investments aimed at achieving a value of over $ 16 billion to 2033.
Scott Thiel, co -founder and general director of the Asset (RWA) toxization platform, said Cointelegraph that modern development shows a clear message from the ZEA government:
“In just three weeks, Dubai went from the launch of the pilot to strategic implementation, and the message is loud and clear: the future of real estate investment is onchin.”
Thiel also said that two agencies working in hand will create a smarter model that opens the real estate market in Dubai to the global pool of investors. “This is not just another report of the arrangements. This is the Real Estate 2.0 textbook,” said Thiel Cointelegraph.
The director ordered investors around the world to observe what Zea is doing in terms of token. Thiel said that this is what the “future of real estate” looks like.
https://www.youtube.com/watch?v=av4beoajaj
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