VARA Alerts About Companies Misrepresenting Involvement in Dubai’s Real Estate Tokenization Initiative

Dubai’s crypto regulator has issued an alert, warning of firms falsely claiming to be part of the city’s high-profile real estate tokenization pilot, stating that such misrepresentation may violate the emirate’s virtual asset laws. The Virtual Assets Regulatory Authority (VARA), in coordination with the Dubai Land Department (DLD), announced on Tuesday that several entities have improperly suggested they are participating in the DLD’s blockchain-based property title deed initiative, which launched as a limited pilot on March 19. “No entities beyond those explicitly approved by DLD and VARA are authorized to participate,” the regulator stated. “Any entity promoting their involvement in the project without formal confirmation… is misrepresenting their status.” VARA did not name any firms in the release. The tokenization initiative could account for 7% of all property deals, valued at 60 billion dirhams ($16 billion), by 2033, as part of the city’s broader strategy to establish itself as a global tech and digital asset hub. This warning from VARA comes just days before Token 2049 begins in the city. Earlier in March, on-chain investigator ZachXBT noted that the conference tends to attract a higher incidence of scams.