{"id":128671,"date":"2025-05-06T09:35:20","date_gmt":"2025-05-06T09:35:20","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=128671"},"modified":"2025-05-06T09:35:20","modified_gmt":"2025-05-06T09:35:20","slug":"okx-exec-warns-against-hype-amid-real-world-asset-tokenization-boom","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=128671","title":{"rendered":"OKX exec warns against hype amid real-world asset tokenization boom"},"content":{"rendered":"

Source: Cointelegraph.com NewsCrypto exchange OKX\u2019s CEO for its Middle East and North Africa (MENA) arm urged the industry to focus on delivering real-world utility as interest in real-world asset (RWA) tokenization accelerates.\u00a0
\nIn a Cointelegraph interview at the Token20249 event in Dubai, OKX MENA CEO Rifad Mahasneh warned that while tokenization is promising, projects must \u201cclearly demonstrate\u201d the benefits of tokenizing specific assets.\u00a0
\n\u201cIn some cases, we\u2019re tokenizing things that don\u2019t need tokenization, but in some cases, we\u2019re tokenizing things that actually give you real, everyday value, right? And if you can see that everyday value, then that is a promising project,\u201d Mahasneh told Cointelegraph.
\nHe said hype can drive project growth in the Web3 space, but providing everyday value should be the priority.\u00a0
\nOKX MENA CEO Rifad Mahasneh at the Token2049 media lounge. Source: CointelegraphRWA tokenization gains traction in the UAE
\nMahasneh\u2019s comments come amid an increase in real-world asset tokenization projects in the Middle East, including the United Arab Emirates.
\nOn May 1, MultiBank Group signed a $3 billion RWA agreement with the UAE-based real-estate firm MAG and blockchain infrastructure provider Mavryk \u2014 the largest RWA initiative worldwide to date.\u00a0
\nIn addition to billions in RWA deals, the UAE government has started working on RWA tokenization. On March 19, the Dubai Land Department \u2014 the government agency responsible for promoting, organizing and registering real estate in Dubai \u2014 announced a pilot phase of its real-estate tokenization project. The agency is working with Dubai\u2019s Virtual Assets Regulatory Authority (VARA), the emirate\u2019s crypto regulator.\u00a0
\nOn Jan. 9, RWA project Mantra also signed a $1 billion deal with Damac Group to tokenize the assets of the UAE-based conglomerate. However, months later, Mantra saw one of the biggest token collapses in crypto history, wiping out billions in market capitalization on April 13.\u00a0
\nMahasneh told Cointelegraph that the region\u2019s clear regulations help drive bigger institutions to get into tokenization and crypto. He said regulatory clarity allows understanding of how key players in the space, like exchanges, are governed.\u00a0
\nRelated: Real estate not the best asset for RWA tokenization \u2014 Michael Sonnenshein
\nUAE stablecoin framework gives institutions confidence
\nThe executive also praised the region\u2019s progress in stablecoin regulations. In June 2024, the Central Bank of the UAE approved a regulatory framework for stablecoin licensing. This clarified the issuance, supervision and licensing of dirham-backed payment tokens.\u00a0
\nAccording to Mahasneh, this demonstrates the UAE\u2019s speed in regulating crypto-related technologies. The executive also highlighted that the central bank’s involvement gives institutions extra confidence in entering the business.\u00a0
\n\u201cOther markets are still debating whether they should have crypto regulations. Here, we moved into developing stablecoin regulations. For an investor, you want to know that your stablecoin is regulated. That\u2019s a big plus,\u201d Mahasneh said.
\nSince then, major players like Tether have joined the race by issuing a dirham-pegged stablecoin. On April 29, institutions like Abu Dhabi\u2019s sovereign wealth fund, the Abu Dhabi Developmental Holding Company (ADQ), First Abu Dhabi Bank and the International Holding Company partnered to launch a dirham-pegged stablecoin, pending regulatory approval.\u00a0
\nMagazine: Crypto wanted to overthrow banks, now it\u2019s becoming them in stablecoin fightRead More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Source: Cointelegraph.com NewsCrypto exchange OKX\u2019s CEO for its Middle East and North Africa (MENA) arm urged the industry to focus on delivering real-world utility as interest in real-world asset (RWA)… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128671"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128671"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128671\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128671"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}