Source: Cointelegraph Original: "{title}"
The Dubai government has launched a pilot phase of a project that will convert real estate assets into digital tokens on the blockchain.
The Dubai Land Department (DLD), the government entity responsible for registering, organizing, and promoting real estate in Dubai, announced the start of the pilot phase for the real estate tokenization project.
The project is being launched in collaboration with the Dubai Future Foundation (DFF) and the Dubai cryptocurrency regulatory authority, the Virtual Assets Regulatory Authority (VARA).
The launch of the tokens makes DLD the first real estate registration entity in the UAE to implement tokenization on property certificates.
DLD stated in the announcement that the initiative is expected to drive the development of real estate tokenization. The government agency predicts that by 2033, its market value will exceed $16 billion. According to the agency, this accounts for 7% of the total value of real estate transactions in Dubai.
DLD Director General Marwan Ahmed Bin Ghalita said in the announcement that real estate tokenization is driving fundamental changes in the industry.
He stated, "By converting real estate assets into digital tokens recorded on blockchain technology, tokenization simplifies and enhances the buying, selling, and investment processes."
The official mentioned that this aligns with DLD's vision of becoming a global leader in real estate investment and leveraging technology to develop innovative real estate products.
Related Content: Mantra signs $1 billion agreement with Damac to tokenize assets in the Middle East
Scott Thiel, co-founder and CEO of Tokinvest, stated that this initiative represents a "transformative moment" for the industry. Thiel told Cointelegraph:
An executive working at an RWA platform regulated by VARA told Cointelegraph that DLD's new project will open Dubai's real estate market to global investors.
"Tokenization is no longer a concept. It is a reality that will open Dubai's real estate market to global investors like never before," Thiel told Cointelegraph.
In a previous interview, Thiel told Cointelegraph that the UAE's proactive regulations have paved the way for a tokenization boom in real-world assets (RWA). The executive stated that government agencies do indeed want to establish clear guidelines for the industry.
Magazine: Cryptocurrency enthusiasts obsessed with longevity and biohacking: What’s the reason?
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
