Dubai is breaking new ground in property investment with the launch of the Middle East’s first tokenized real estate platform, Prypco Mint.
In a significant development for the real estate market, Dubai is pioneering the way forward with the introduction of Prypco Mint, the region’s first tokenized real estate platform. Reported by Gulf News on May 25, this initiative is backed by the Dubai Land Department and is designed to democratize property investment, making it accessible to a broader audience. With the ability to invest in real estate for as little as Dh2,000, Prypco Mint opens doors for individuals previously sidelined from the market.
The launch of Prypco Mint represents a collaboration with prominent blockchain firms like Prypco and Ctrl Alt, along with the assuring support of the Virtual Assets Regulatory Authority (VARA), the Central Bank of the UAE, and the Dubai Future Foundation. In this ambitious pilot phase, Zand Digital Bank serves as the banking partner, facilitating secure transactions and maintaining investor confidence.
Through Prypco Mint, users are empowered to purchase fractional ownership in ready-to-own properties in Dubai directly at mint.prypco.com. Currently, transactions are exclusively conducted in UAE dirhams, with crypto payments not permitted during this trial phase. This focused approach aims to simplify the investment process, making it friendly for newcomers yet maintaining compliance with regulatory frameworks.
Investor protection is a core priority of the platform. All funds are securely housed in regulated client money accounts under the oversight of the Central Bank, VARA, and the Dubai Land Department (DLD). Importantly, these funds are only released after the completion of all necessary transactions, ensuring transparency and security throughout the investment lifecycle. Furthermore, each property listed on the platform undergoes a rigorous regulatory review to ensure fair pricing for investors.
Investors stand to benefit from both rental income and potential appreciation in property value, with each holding representing a legally recognized share of ownership under the oversight of the DLD. This innovative structure allows individuals to engage in the Dubai real estate market in a fraction of the time and cost traditionally associated with property ownership.
The Dubai Land Department estimates that tokenized property assets could account for around 7% of Dubai’s real estate market by 2033, translating to an impressive Dh60 billion. While currently available only to UAE citizens, plans are underway to expand the platform’s reach across global markets in the future, signifying a shift towards more inclusive property investment avenues.
In line with its vision to be a leader in digital asset innovation, Dubai’s rollout of Prypco Mint is part of broader efforts to tokenize real estate and attract global blockchain firms. This initiative builds on the city’s earlier efforts in March to create a regulatory sandbox for crypto firms, as well as its pioneering model of accepting cryptocurrency payments for government services in partnership with Crypto.com.
