Dubai’s cryptographic regulator has issued an alert, warning the companies that falsely claim to be part of the city’s high profile real -profile real estate pilot, saying that said misrepresentation can violate the virtual asset laws of the Emirate.
The Virtual Assets Regulatory Authority (Vara), in coordination with the Dubai Land Department (DLD), said Tuesday that several entities have incorrectly suggested that they are participating in the DDL Blockchain property -based property initiative, which was launched as a limited pilot on March 19.
“There are no entities beyond those explicitly approved by DLD and Vara are authorized to participate,” said the regulator. “Any entity that promotes its participation in the project without formal confirmation … is misrepresenting its status.”
Vara did not appoint any company in the statement.
The tokenization initiative could represent 7% of all property agreements, valued at 60 billion Dirhams ($ 16 billion), by 2033, he previously reported, as part of the broader impulse of the city to position itself as a center of technological assets and global digital assets.
This wand warning comes days before the 2049 tab in the city begins. At the beginning of March, the chain researcher Zachxbt said the conference tends to attract a disproportionate amount of scams.
