​Dubai Warns of Firms Falsely Claiming Role in Tokenization Pilot​

Dubai’s Virtual Assets Regulatory Authority (VARA) has issued a warning about firms falsely claiming involvement in the city's real estate tokenization pilot. VARA emphasized that only entities explicitly approved by the Dubai Land Department (DLD) and VARA are authorized to participate in the initiative, which launched on March 19, 2025.

The pilot project aims to digitize property title deeds using blockchain technology, allowing for fractional ownership and increased market liquidity. The DLD projects that tokenized real estate could account for 7% of Dubai's total property transactions, reaching approximately $16 billion by 2033.

VARA's warning comes ahead of the Token 2049 conference and underscores the importance of verifying the credentials of firms claiming involvement in the pilot. Engaging with unauthorized entities may expose investors to financial and reputational risks.

Investors and stakeholders are advised to consult official channels to confirm a firm's participation in the tokenization pilot. VARA continues to monitor the situation and will take appropriate action against entities misrepresenting their involvement.