Dubai Just Made It Easier to Own a Piece of the City with Crypto
- The Dubai Land Department forecasts that around 7% of all real estate transactions in Dubai will involve tokenized properties by 2033
- The market value of those projects will be around $16 billion
- Two months ago, DAMAC Group, a Dubai developer, joined forces with blockchain platform MANTRA to tokenize a minimum of 1$ billion in Middle Eastern assets
Dubai has launched a pilot program to tokenize its real estate assets, marking a significant move to integrate blockchain technology into the property sector.
The Dubai Land Department (DLD), in collaboration with the Virtual Assets Regulatory Authority (VARA) and the Dubai Future Foundation (DFF), has kicked off the project to convert property title deeds into digital tokens recorded on the blockchain.
The DLD anticipates that by 2033, tokenized real estate could constitute approximately 7% of Dubai’s total property transactions, translating to a market value of around 60 billion dirhams, which is approximately $16 billion.
How Does This Make Buying Property Easier in Dubai?
Using blockchain tech could easily improve the processes of buying, selling, and investing in real estate in Dubai. Tokenization le…
The post Dubai Just Made It Easier to Own a Piece of the City with Crypto appeared first on Coin Edition.
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Dubai Just Made It Easier to Own a Piece of the City with Crypto
- The Dubai Land Department forecasts that around 7% of all real estate transactions in Dubai will involve tokenized properties by 2033
- The market value of those projects will be around $16 billion
- Two months ago, DAMAC Group, a Dubai developer, joined forces with blockchain platform MANTRA to tokenize a minimum of 1$ billion in Middle Eastern assets
Dubai has launched a pilot program to tokenize its real estate assets, marking a significant move to integrate blockchain technology into the property sector.
The Dubai Land Department (DLD), in collaboration with the Virtual Assets Regulatory Authority (VARA) and the Dubai Future Foundation (DFF), has kicked off the project to convert property title deeds into digital tokens recorded on the blockchain.
The DLD anticipates that by 2033, tokenized real estate could constitute approximately 7% of Dubai’s total property transactions, translating to a market value of around 60 billion dirhams, which is approximately $16 billion.
How Does This Make Buying Property Easier in Dubai?
Using blockchain tech could easily improve the processes of buying, selling, and investing in real estate in Dubai. Tokenization le…
The post Dubai Just Made It Easier to Own a Piece of the City with Crypto appeared first on Coin Edition.
Read More
Scottish Police Report 2,000% Surge in Crypto-Related Crimes Since 2019