Dubai launches the Middle East's first tokenization real estate investment platform Prypco Mint

Gate News bot message, the Dubai Land Department (DLD) has launched what is claimed to be the first tokenization real estate investment platform in the Middle East, “Prypco Mint.” This pilot project allows individual investors to invest in real estate starting at a price of 2,000 dirhams and is currently only open to residents holding a valid UAE identification.

The program is a partnership between Prypco and Ctrl Alt, with support from the Virtual Assets Regulatory Authority (VARA), the Central Bank of the UAE and the Dubai Future Foundation. Zand Digital Bank has been designated as a banking partner in the pilot phase.

Tokenization of real estate allows users to purchase partial ownership of off-plan properties in Dubai through the digital platform mint.prypco.com. During the pilot phase, transactions are conducted only in UAE Dirhams and cryptocurrency payments are not supported at this time.

Investor funds are kept in regulated accounts supervised by DLD, VARA, and the central bank. Funds are held in a dedicated client funds account (CMA) structure and will only be released after the investment transactions are fully completed, aimed at protecting investor interests.

Source: Gulf News