The DeFi platform MANTRA obtained a Virtual Asset Service Provider (VASP) license from Dubais dedicated regulator overseeing crypto operations. 

The approval now allows the entity to serve as a Virtual Asset Exchange and provide Broker-Dealer and Management and Investment Services. 

MANTRAs Milestone

According to a document shared with CryptoPotato, the VARA license reinforces MANTRAs commitment to compliance, security, and innovation in the virtual asset space. It also reaffirms the entitys global expansion and strengthens its presence in the Middle East. Commenting on the initiative was the platforms CEO, John Patrick Mullin:

By establishing the most timely, comprehensive, and built from-the-ground-up framework for virtual assets and Web3, Dubai and VARA have become world leaders in crypto regulation. This license was a crucial step for MANTRA and a key step in our journey towards global expansion.

He also claimed that the UAE has become a progressive global hub and thriving ecosystem for Web3 and virtual assets due to its comprehensive regulatory framework. 

This license not only strengthens our presence regionally, it positions us internationally to deliver unique DeFi products that bridge the gap between decentralized finance and traditional finance. Our goal is to build a future-focused financial ecosystem that benefits institutional and qualified investors globally, Mullin added.

Meanwhile, MANTRA plans to launch various unique DeFi products designed to meet investors needs. Each offering is developed with strict adherence to domestic regulations and international policy frameworks, ensuring maximum protection for users.

OMs Price Rally

Speaking of MANTRA, we should mention the solid performance of its native token, OM. Its price is up a whopping 3,000% on a yearly scale, recently hitting an all-time high of almost $7.90. 

OM Price, Source: CoinGecko Some market observers believe the asset may chart a further increase in the near future. The X user BullifyX, for instance, envisioned a rise above $8.

On the other hand, Ali Martinez assumed OM could be headed for a pullback, citing the formation of a sell signal on the 3-day chart.