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Dubai’s VARA Warns of Firms Falsely Claiming to Be Part of Real Estate Tokenization Pilot
VARA did not name any firms that were claiming unauthorized affiliation with the Real World Assets project.
Updated Apr 24, 2025, 2:35 p.m. Published Apr 24, 2025, 6:32 a.m.
What to know:
- Dubai's crypto regulator has warned against firms falsely claiming involvement in a real estate tokenization pilot.
- The Virtual Assets Regulatory Authority emphasized that only approved entities are authorized to participate in the initiative.
- The warning comes ahead of the Token 2049 conference.
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, saying 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), said 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.
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“No entities beyond those explicitly approved by DLD and VARA are authorised to participate,” the regulator said. “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, CoinDesk previously reported, as part of the city’s broader push to position itself as a global tech and digital asset hub.
This warning from VARA comes days before Token 2049 kicks off in the city. Earlier in March, on-chain investigator ZachXBT pointed out that the conference tends to attract a disproportionate amount of scams.
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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