Dubai has become the first city in the Middle East to implement government backed real estate tokenization, with the Dubai Land Department (DLD) launching its pilot platform through Prypco Mint. The real world asset (RWA) tokenization initiative involves putting property deeds on a blockchain, allowing investors to purchase fractional shares in Dubai properties starting from AED 2,000 ($545). The project operates through a strategic partnership between Dubai Land, Prypco, and Ctrl Alt Solutions, with regulatory oversight from the Virtual Assets Regulatory Authority (VARA) and the Central Bank of the UAE.
The platform currently serves UAE ID holders exclusively but plans to expand globally in future phases. All transactions are conducted in UAE Dirhams rather than cryptocurrencies during this pilot stage. The tokenization infrastructure utilizes the XRP Ledger blockchain.
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