Crypto Exchange, CEO of OKX for its arm in the Middle East and North Africa (MENA) industry to focus on providing benefit in the real world as an interest in the asset symbol in the real world (RWA).
In an interview with Cointelegraph at the Taken20249 event in Dubai, Rifad Mahsneh, CEO of OKX MENA, warned that despite the promising symbol, “projects should show” benefits of specific assets.
“In some cases, we symbolize things that do not need a distinctive symbol, but in some cases, we link things that already give you real, daily value, right? And if you can see that daily value, this is a promising project,” said Mahasneh Cointelgraph.
He said the noise can push the project growth in the Web3 space, but providing the daily value should be the priority.
The distinctive symbol RWA earns traction in the United Arab Emirates
Mahasneh’s comments come amid an increase in the realistic asset icon projects in the Middle East, including the United Arab Emirates.
On May 1, the Multibank Group signed a $ 3 billion RWA agreement with MAV and Blockchain for the UAE-based infrastructure-its largest RWA initiative worldwide so far.
In addition to billions in RWA deals, the United Arab Emirates government has started working on the RWA icon. On March 19, the Ministry of Lands in Dubai-the government agency responsible for the promotion, organization and registration of real estate in Dubai-announced an experimental stage of the real estate symbol project. The agency works with the Dubai Virtual Assets Regulatory Authority (VARA), which is an organizer of the emirate’s encryption.
On January 9, RWA Project Mantra signed a billion dollar deal with DAMAC Group to repeat the assets of the United Arab Emirates bloc. However, after months, Mantra witnessed one of the largest distinctive symbols in the date of encryption, spent billions of market value on April 13.
Mahasneh Cointelegraph told the area that the clear regulations in the region help push the largest institutions to enter the distinctive symbol and encryption. He said that organizational clarity allows to understand how the main players control space, such as exchanges.
Related to: Real estate is not the best assets for RWA – Michael Sonnenshein symbol
The framework of the United Arab Emirates gives Stablecoin confidence in institutions
He also praised the executive authority to advance the region at Stablecoin regulations. In June 2024, the Central Bank of the United Arab Emirates approved a regulatory framework for Stablecoin licensing. This has made clear the release of Dirham -backed to pay for payment.
According to his sense, this explains the UAE’s speed in organizing encryption technologies. The executive authority also highlighted that the central bank’s participation gives institutions additional confidence in entering business.
“Other markets still discuss whether they should have encryption regulations. Here, we moved to the development of Stablecoin regulations. For the investor, you want to know that your Stablecoin is organized. It’s a great advantage.”
Since then, the main players like Tether have joined the race with the release of Dirham-PEGID Stablecoin. On April 29, institutions such as the sovereign wealth fund in Abu Dhabi, Abu Dhabi Development Company (ADQ), First Abu Dhabi Bank, and the International Holding Compane to launch StableCoin Diroh-PEGCED, are suspended pending organizational approval.
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