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- Dubai launches phase two of XRPL real estate tokenization with secondary market trading.
- $280M in diamonds will also be tokenized, expanding blockchain-based asset trading.
- Regulatory clarity and growing crypto adoption position Dubai as a digital asset hub.
Dubai is accelerating its embrace of digital assets as Ctrl Alt and the Dubai Land Department kick off phase two of their real estate tokenization project on the XRP Ledger (XRPL). This milestone allows secondary market trading of tokenized properties, opening new opportunities for liquidity and investment in the city’s booming real estate sector.
XRPL Powers Dubai’s Real Estate Tokenization
The second phase of the project follows months of preparation, including Ripple’s partnership with Ctrl Alt to provide institutional-level custody solutions. These tools enable secure storage and transfer of tokenized property ownership titles directly on the XRPL.
Approximately 7.8 million tokens issued during the pilot phase are now eligible for resale in a controlled secondary market. All transactions remain on-chain, ensuring transparency and security. Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, confirmed in a recent X post that secondary trading is now live, expanding access and liquidity across Dubai’s real estate market.
Beyond Real Estate: Diamonds and Digital Assets
This initiative comes alongside plans to tokenize $280 million worth of diamonds in partnership with Billiton. Certified polished diamonds will be converted into tokens on the XRPL through Ctrl Alt’s end-to-end solution. Experts see this as a natural expansion of Dubai’s digital asset ecosystem, which increasingly blends tangible assets with blockchain technology.
Dubai’s Crypto-Friendly Environment
Dubai’s regulatory landscape is evolving to accommodate digital finance. The Dubai Financial Services Authority (DFSA) recently clarified the classification of stablecoins as “fiat crypto tokens,” ensuring that these assets are backed by liquid and reliable reserves. Meanwhile, Abu Dhabi’s ADGM reports a 67% increase in new crypto licenses year-over-year, with over 1,800 crypto companies now operating in the UAE. Surveys indicate that more than 65% of UAE citizens own some form of cryptocurrency, highlighting strong local adoption.
Also Read: Ripple Explores XRPL Staking and Fed Payment Access to Boost XRP Utility
Dubai’s move to expand tokenization and secondary trading on the XRPL signals its ambition to become a global hub for digital assets. With regulatory clarity and growing market infrastructure, tokenized real estate and high-value assets like diamonds could become mainstream investment options.
The launch of Dubai’s secondary market on the XRPL represents a key milestone in the city’s digital transformation. By leveraging blockchain for real estate and luxury asset trading, Dubai sets a precedent for secure, liquid, and accessible markets in the Middle East and beyond.
`Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.`
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
