Dubai Land Department Initiates Real Estate Tokenization Pilot Project

According to ShibDaily, the Dubai Land Department (DLD) has embarked on a pilot project to tokenize real estate, marking a significant advancement in the application of blockchain technology in property transactions. This initiative is part of the Real Estate Innovation Initiative (REES) and is being executed in collaboration with the Dubai Virtual Assets Regulatory Authority (VARA) and the Dubai Future Foundation (DFF) through Sandbox Dubai. The DLD is set to become the first real estate registration authority in the Middle East to implement tokenization for property title deeds. The Dubai government anticipates that this pioneering project will significantly boost the real estate tokenization sector, with its market value expected to reach AED 60 billion by 2033, accounting for 7% of Dubai’s total real estate transactions source: https://www.binance.com/en/square/post/21851113189089?utm_source=BinanceNewsRSS