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n a move to safeguard the integrity of Dubai's real estate tokenization pilot, the Virtual Assets Regulatory Authority (VARA) has sounded the alarm on entities misrepresenting their involvement in the project. The warning comes as several firms have been found to be falsely claiming affiliation with the blockchain-based property title deed initiative, launched by the Dubai Land Department (DLD) last month.

    While VARA remains tight-lipped about specific companies implicated, it's clear that only those explicitly approved by DLD and VARA are authorized to participate. Any entity promoting involvement without formal confirmation is guilty of misrepresentation, a potential breach of virtual asset laws in the emirate.

    The tokenization initiative has the potential to revolutionize Dubai's property market, with estimates suggesting it could account for 7% of all deals valued at 60 billion dirhams ($16 billion) by 2033. As the city continues its push to become a global tech and digital asset hub, VARA's warning serves as a timely reminder of the importance of regulatory oversight in preventing scams and maintaining investor trust.

    The alert comes just days before Token 2049 is set to kick off in Dubai, an event that has historically attracted a disproportionate number of scams. As the city prepares to host this major conference, VARA's efforts aim to ensure that investors are protected from unscrupulous actors seeking to capitalize on the hype surrounding digital assets.