The Defi platform Mantra Finance has obtained a virtual asset service provider license from Dubai regulators to work as a trading platform in UAE.
According to a press release sent to Crypto.news, after obtaining the VASP license, the Defi platform operated by the Mantra (OM) Group planned to pursue its operation in the Middle East, especially tokens of real world assets Focused on.
The VASP license marks the first license received by the mantra from the Virtual Assets Regulatory Authority of Dubai, which outlines the commitment of the platform for compliance with local rules and safety standards.
The UAE will include various investment products manufactured within a decentralized finance combined with traditional finance conservation in the mantra, the offerings of the mantra will include, such as increased transparency, rapid trade disposal, and increase in user control over assets.
With Vara license, Mantra is able to score these solutions and introduces them to institutional customers and qualified investors in the United Arab Emirates.
At the time of writing, the original token of the mantra is increasing. According to data from crypto.news, the OM token has increased by 3.13% in the last 24 hours and about 30% in the last seven days. Mantra is currently trading at $ 7.60.
In the last 24 hours, tokens have deposited a trading volume of $ 453 million. Its market cap is $ 7.3 billion, it is ranked 26th on the overall Crypto Leaderboard by the market cap. The token has a circulating supply of 972 million tokens.
John Patrick Mulin, the CEO of the mantra, saw the groom of the stage as an important milestone for the mantra and an important step that marks the team’s journey towards global expansion. He said that regulator compliance is a fundamental part of the construction trust with users.
“This license not only strengthens our presence regional, it deploys us to distribute internationally unique DEFI products that bridges the gap between decentralized finance and traditional finance,” Mulin said.
Apart from this, the mantra is also planning to launch new DEFI products.
Designed to meet the needs of investors, following local rules.
In January, the mantra announced a partnership with the Dubai-based Damac group, offering tokens for a real-world property priced at least $ 1 billion. The assets of tokens will be specially available on the mantra series by the beginning of 2025.
