John Patrick Mullin recently revealed that the Middle Eastern-focused project, MANTRA, is in its final stages of securing licenses from Dubai crypto regulator, Virtual Asset Regulatory Authority (VARA).
MANTRA and Crypto Regulatory Approval in the Middle East
According to MANTRA’s CEO and co-founder, John Patrick Mullin, the crypto firm is in the final stages of securing licenses from Dubai’s crypto regulator, VARA. Mulin shared insights on their strategic focus on Middle Eastern regulators during a discussion with Scott Melker on The Wolf of All Streets podcast. This podcast episode discussed the complex process of obtaining regulatory approval and the potential of collateralizing various assets. These approvals are key to MANTRA’s plans to develop and host compliance-oriented tools for issuing and trading Real World Assets (RWAs).
MANTRA Chain’s focus on the Middle East and Asia is very timely, especially with the challenging regulatory landscape in the United States. Mullin emphasized this strategic move, explaining that MANTRA supports both the protocol and application layers. He also stressed the importance of proper licensing and detailed their ongoing efforts to gain approval from the United Arab Emirates’ new crypto regulator, the Virtual Asset Regulatory Authority (VARA).
Projects like MANTRA Chain have raised substantial funds to dominate this market before it fully develops. This includes defining who can participate in RWA trading, whether it will be open to everyone (like meme coin trading) or more regulated (like the stock market). Mullin described a more restrictive or “permissioned” environment to CoinDesk, saying, “You do have to go through an onboarding process to get into this walled garden. But once you’re in, you’re in.”
MANTRA Chain’s network has not gone live yet, so the issuance or trading of RWAs is not currently possible. However, the plan is for it to be based on Cosmos, a network of interconnected but independent blockchains. According to MANTRA’s documentation, Cosmos does not currently have a specific app chain designated for trading tokenized RWAs.
Once the network is live, Mullin mentioned that MANTRA will target the “crypto native” audience. These are people who are already well-versed in crypto, decentralized exchanges, on-chain borrowing, lending, and related activities.
Final Words
MANTRA is looking to join the list of crypto firms with regulatory licenses in countries in the Middle East and Asia. The company’s CEO and co-founder made this known on the Wolf of All Streets podcast.
Frequently Asked Questions
Is MANTRA on Binance?
Yes, MANTRA is on Binance.
Which Blockchain Ecosystem is the MANTRA Chain on?
MANTRA Chain is on the Cosmos ecosystem.
What is the most Powerful Blockchain?
Ethereum is a powerful blockchain.
What is the Safest Blockchain?
Ethereum is the safest blockchain.
What is the Fastest Blockchain?
Solana is the fastest blockchain.
Which Crypto has the most Transactions?
Bitcoin is the cryptocurrency with the most transactions.
Which Crypto Wallet is Best?
Some of the best crypto wallets include Trust Wallet, Binance Waller, etc.
