DeFi Platform MANTRA Secures VASP License From Dubai's VARA

MANTRA, a decentralized finance (DeFi) platform operated by the MANTRA Group, has secured a virtual asset service provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).

This is the first license VARA has granted to a DeFi organization. The license allows MANTRA to operate as a virtual asset exchange, while also offering broker-dealer, management, and investment services. 

The VARA license is set to strengthen MANTRA’s global presence by enabling it to launch innovative, regulatory-compliant financial products designed to meet the evolving needs of investors worldwide.

Additionally, it supports MANTRA as it scales its operations in the Middle East, with a strong focus on the tokenization of real-world assets (RWAs). This allows MANTRA to deliver transparent, secure, and advanced financial solutions while adhering to the highest regulatory standards. 

MANTRA, which was founded in 2021 by John Patrick Mullin, Jayant Ramanand, Stephane Laurent Villedieu, and Will Corkin, offers a permissionless blockchain that meets regulatory requirements and supports cross-chain interoperability. It is backed by one of the MENA region's most active investment firms, Shorooq. 

In a statement, Mullin, CEO of MANTRA, said, “By establishing the most timely, comprehensive, and built from-the-ground-up framework for virtual assets and Web3, Dubai and VARA have become world leaders in crypto regulation. This license was a crucial step for MANTRA, and a key step in our journey towards global expansion." 

“By obtaining this license, MANTRA joins a growing community of regulated entities operating within the UAE, and we are excited to work alongside industry leaders to shape the future of virtual assets,” Mullin added. “Our regulatory compliance is fundamental to the trust we build with users, and it reflects our long-term vision of driving responsible growth in the digital asset space.”

Shane Shin, founding partner at Shorooq, said, “The VARA license is not just a regulatory milestone for MANTRA — it represents a leap forward for the entire RWA and DeFi ecosystem. This sets a new benchmark for what compliant blockchain innovation can achieve in the Middle East and globally. We have backed MANTRA from the beginning because we see its potential to transform how assets are tokenized and traded, bringing institutional-grade solutions to the blockchain space. With Dubai solidifying its position as a leader in virtual assets regulation, MANTRA is perfectly positioned to spearhead this evolution.” 

Shin added, "The UAE and broader MENA region has fast become a progressive global hub and thriving ecosystem for Web3 and virtual assets owing to their regulatory initiatives and frameworks. 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. Our goal is to build a future-focused financial ecosystem that benefits institutional and qualified investors globally.”

By harnessing blockchain technology to provide fast, secure, and noncustodial financial services, MANTRA's offerings feature innovative investment products that combine the benefits of decentralized finance with the safeguards of traditional finance, including greater transparency, faster trade settlement, and improved user control over assets.

The VARA license thus positions MANTRA to expand these solutions, making them accessible to institutional clients and qualified investors in the UAE. 

In January, MANTRA had inked an agreement with the Dubai-headquartered investment conglomerate DAMAC Group to tokenize assets across the latter's portfolio, which includes real estate, hospitality, data centers, and others, which are collectively valued at a minimum of $1 billion.

Pictured on image: John Patrick Mullin, CEO, MANTRA. Image courtesy Shorooq.