The CEO of Crypto Exchange OKX for the arm of the Middle East and North Africa (Mena) asked the industry to give attention to providing real usefulness as an interest in real asset (RWA) tokenization.
In a cointelegraph interview on the TOKEN20249 event in Dubai, Rifad Mahasneh, CEO of OKX Mena, warned that tokenization, while tokenization is promising, “clearly demonstrated” the benefits of the tokenization of specific assets.
“In some cases, we’re toasting things that don’t need tokenization, but in some cases we are going to toast things that truly give you an actual, on a regular basis value, or for those who can see this on a regular basis value, it’s a promising project,” Mahasneh told CoinTelegraph.
He said Hype could advance project growth in Web3, but on a regular basis value ought to be a priority.
Okx Mena -CEO Rifad Mahasneh within the token2049 Media Lounge. Source: cointelegraph
The RWA tokenization gains within the VAE in traction
Mahasneh's comments come to a rise in the share of asset projects within the Middle East, including the United Arab Emirates.
On May 1st, MultiBank Group signed an RWA contract of $ 3 billion with the actual estate company Magy and Blockchain Infrastructure Provider Mavryk-The largest RWA initiative thus far.
In addition to billions in RWA deals, the federal government of the United Arab Emirates has began at RWA toking. On March 19, the Dubai Land Department of the Government Agency, which is answerable for the funding, organization and registration of real estate in Dubai, announced a pilot phase of its real estate toilement project. The agency works with Dubais Virtual Assets Regulatory Authority (Vara), the Emirate Crypto Supervisory Authority.
On January 9, the Mantra RWA project also signed a contract of $ 1 billion with the Damac Group so as to tok the assets of the conglomerate based within the VAE. Months later, Mantra recorded one among the biggest tokens in crypto history and deleted billions of market capitalizations on April 13.
Mahasneh announced CoinTelegraph that the clear regulations of the region help to get larger institutions to get to tokenization and crypto. He said the regulatory clarity enables understanding how essential actors within the room and stock exchanges are ruled.
VAE StableCoin framework gives institutions trust
The executive also praised the region's progress in Stablecoin regulations. In June 2024, the Central Bank of the VAE approved a regulatory framework for licensing stablecoin. This has clarified the problem, monitoring and licensing of payment stands supported by Dirham.
According to Mahasneh, this shows the speed of the United Arab Emirates within the regulation of crypto -related technologies. The executive also emphasized that the participation of the central bank gives institutions additional trust in business.
“Other markets still discuss whether or not they must have crypto regulations. Here now we have handled the event of stablecoin regulations. For an investor, they need to know that their stablecoin is regulated. That is a giant plus,” said Mahasneh.
Since then, big players like Tether have joined the race by publishing a dirham-spotted stable coin. On April 29, institutions akin to Abu Dhabis Soverägn WEALTH Fund, the Abu Dhabi Developmental Holding Company (ADQ), First Abu Dhabi Bank and the International Holding Society arrange a partnership so as to start a regulation outstanding by Dirham-Peglecoin.
