Dubai's VARA Issues Warning on Unauthorized Participation in Real Estate Tokenization Pilot

According to PANews, the Dubai Virtual Assets Regulatory Authority (VARA) issued a statement on April 23, emphasizing that only entities explicitly approved by VARA and the Dubai Land Department (DLD) are permitted to claim involvement in the 'DLD Real Estate Tokenization Project' pilot, which commenced on March 19. VARA highlighted that unauthorized participants might be engaging in illegal virtual asset activities or violating marketing regulations, which could lead to enforcement actions such as fines and market bans. VARA advised users to verify platform credentials through its official website to avoid high-risk, unauthorized project traps.