Dubai Launches Real Estate Tokenization Project with Blockchain Technology

According to PANews, the Dubai Land Department (DLD) has announced a collaboration with the tokenization platform Ctrl Alt to launch a real estate tokenization project. This initiative is supported by the Dubai Virtual Assets Regulatory Authority (VARA) and the Dubai Future Foundation. The project utilizes XRP Ledger blockchain technology and the PRYPCO Mint platform to tokenize property titles, with a minimum investment threshold set at 2,000 dirhams (approximately $545). This marks the first government-led real estate blockchain tokenization project in the Middle East. The project is part of Dubai's 'Real Estate 2033 Strategy,' which aims to establish a tokenized real estate market valued at 60 billion dirhams by 2033. Ctrl Alt, serving as the technology provider, has already tokenized assets worth $295 million and holds brokerage and issuer licenses issued by VARA.