MANTRA Finance, a leading DeFi platform, has recently achieved a significant milestone by securing a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This license allows MANTRA to operate as a regulated trading platform within the United Arab Emirates, marking a crucial step towards expanding its presence in the region.
With this regulatory approval, MANTRA Finance is poised to make a strong entry into the UAE’s crypto market. The company, known for its innovative approach to bridging decentralized and traditional finance, now has the opportunity to offer its suite of DeFi products to institutional clients and qualified investors in the UAE. These products aim to combine the advantages of DeFi, such as transparency and rapid trade settlement, with the security and trust associated with traditional financial systems.
One of MANTRA Finance’s key initiatives is the tokenization of real-world assets, with a particular focus on partnering with Dubai-based DAMAC Group to offer token-based financing for assets valued at over $1 billion. This strategic partnership underscores MANTRA’s commitment to revolutionizing the DeFi space by integrating traditional asset classes into the DeFi ecosystem.
John Patrick Mullin, CEO of MANTRA Finance, emphasized the importance of regulatory compliance in building trust with users and facilitating the platform’s expansion. He stated, “This license not only strengthens our presence regionally, it positions us internationally to deliver unique DeFi products that bridge the gap between decentralized finance and traditional finance.”
Following the announcement of the VASP license approval, MANTRA’s native token, OM, experienced a surge in price, reaching an intraday high of $7.70 before stabilizing at $7.53. The token has been on a remarkable bullish trend, with a 102% increase over the past month and a staggering 3078.5% surge over the past twelve months. Investors and traders have taken notice of OM’s impressive performance, with further gains expected as a result of the VASP license approval.
In conclusion, MANTRA Finance’s attainment of the VASP license in the UAE signifies a significant milestone for the company and the broader DeFi industry. With a focus on offering innovative DeFi products and tokenizing real-world assets, MANTRA is well-positioned to capitalize on the growing demand for decentralized financial solutions in the Middle East and beyond.