Key Points
- Dubai’s crypto regulator, Virtual Assets Regulatory Authority (VARA) issued a warning ahead of Token 2049.
- Some firms falsely claimed participation in a real estate tokenization pilot.
- Only firms approved by VARA and the Dubai Land Department (DLD) can participate in the Token 2049 event.
Dubai’s Virtual Assets Regulatory Authority (VARA) has issued a warning to firms making false claims. These companies claim to be part of a blockchain-based property title deed initiative led by the Dubai Land Department (DLD). The pilot, launched on March 19, aims to explore tokenized real estate.
According to VARA, only entities that receive formal approval from both DLD and VARA can take part. The regulator stated, “Any entity promoting their involvement in the project without formal confirmation… is misrepresenting their status.”
While VARA did not name the firms involved, it made clear that such behavior may breach Dubai’s virtual asset laws.
The pilot is part of Dubai’s broader strategy to become a global tech and crypto hub. Tokenized deals could make up 7% of all real estate transactions by 2033. That’s roughly 60 billion dirhams ($16 billion), according to previous estimates.
This warning comes just days before the Token 2049 conference begins in the city. The event attracts major players in crypto, but also draws attention from scammers. Earlier in March, on-chain investigator ZachXBT flagged that Token 2049 had a high scam presence.
VARA and DLD encourage the public to verify the legitimacy of firms claiming involvement. Anyone dealing with unverified participants risks financial or legal consequences.
