A Memorandum of Understanding (MoU) has been signed by MANTRA, a RWA-focused Layer 1 blockchain, and Zand Bank, a digital bank licensed by the Central Bank of the United Arab Emirates, to expedite the process of tokenizing real-world assets, including the identification, listing, and distribution of RWAs.
By the guidelines set forth by the Virtual Asset Regulatory Authority of Dubai (VARA), the cooperation between these two organizations will also concentrate on creating frameworks to facilitate the tokenization and distribution of RWA. The frameworks are intended to offer precise instructions for tokenizing RWAs, guaranteeing that the procedure complies with pertinent regulatory requirements, investor protection protocols, and compliance standards. By doing this, the partnership hopes to promote confidence, trust, and the broad use of RWA tokenization throughout the United Arab Emirates.
The partnership between Zand and MANTRA is evidence of both businesses’ leadership roles in Middle Eastern digital finance. According to John Patrick Mullin, CEO of MANTRA, “the partnership’s goal is to create industry standards for tokenization and to propel the custody and exchange of real assets as a permanent fixture in the suite of retail banking services in the area.
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