As the tokenization of real-world assets (RWAs) gains momentum, the head of OKX’s Middle East and North Africa division is urging the crypto industry to stay grounded in practical use cases rather than chasing hype.
Speaking during the Token20249 conference in Dubai, Rifad Mahasneh, CEO of OKX MENA, emphasized the need for blockchain projects to offer tangible value through tokenization. “Some assets don’t really need to be tokenized, while others bring clear, everyday utility,” Mahasneh noted. “When you can clearly see how it helps in daily life, that’s where the opportunity lies.”
He acknowledged that excitement can help fuel growth in the Web3 space but stressed that genuine utility should come first.
RWA Projects Accelerate Across the UAE
Mahasneh’s remarks come as the UAE sees a surge in RWA initiatives. On May 1, MultiBank Group signed a landmark $3 billion deal with local real estate firm MAG and blockchain company Mavryk — the largest RWA-focused partnership to date.
Government involvement is also deepening. In March, Dubai’s Land Department, in coordination with the Virtual Assets Regulatory Authority (VARA), kicked off a pilot program aimed at tokenizing real estate across the emirate.
Earlier this year, RWA platform Mantra entered into a $1 billion agreement with Damac Group to digitize its assets. However, the project faced major setbacks, culminating in one of the steepest token value crashes on April 13, wiping billions from its market cap.
Mahasneh pointed out that the region’s regulatory clarity has helped attract large institutions to the crypto and tokenization space. “Having well-defined rules allows everyone — including exchanges — to understand the framework they’re operating within,” he said.
Stablecoin Regulations Enhance Institutional Trust
The executive also praised the UAE’s swift action on stablecoin oversight. In June 2024, the Central Bank approved a regulatory structure for licensing stablecoins backed by the UAE dirham, covering aspects from issuance to supervision.
“This shows how fast the region is moving when it comes to crypto regulation,” Mahasneh said. “When a central bank steps in and lays out clear rules, it gives investors and institutions much more confidence.”
Following this regulatory move, several key entities — including Tether and major Emirati financial institutions like ADQ, First Abu Dhabi Bank, and the International Holding Company — announced plans to launch a dirham-pegged stablecoin, pending official approval.
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