In a major move blending blockchain technology with traditional real estate, the Dubai Land Department (DLD) has officially launched the region’s first government-backed real estate tokenisation platform. Developed in partnership with fintech firm Prypco and infrastructure provider Ctrl Alt, the platform named Prypco Mint, marks a significant milestone in the UAE’s digital economy strategy.

The initiative enables fractional property ownership by tokenising title deeds on the XRP Ledger (XRPL), allowing investors to own a portion of a Dubai property starting from just AED 2,000 (approx. $540). Transactions are conducted in UAE dirhams and, for now, are open exclusively to UAE ID holders. With plans for global access in the pipeline, this pilot phase already shows promising momentum, with over 3,000 investors signing up for the platform.

This pioneering project positions Dubai as a frontrunner in real-world asset (RWA) tokenisation, an area rapidly gaining interest among institutional players worldwide. By linking the blockchain to official government land registries, the DLD is offering not just innovation but also regulatory assurance in a space often seen as risky and unregulated.

XRP Ledger and Ctrl Alt Take Centre Stage

At the core of this transformation lies Ctrl Alt, a UK-based tokenisation startup that has already tokenised over $295 million in assets. Ctrl Alt provides the infrastructure that enables Prypco Mint to interface seamlessly with the DLD’s official land registry. The system ensures that any ownership changes recorded on-chain are instantly synchronised with government records, preserving the legal integrity of each transaction.

The XRP Ledger (XRPL) was selected as the underlying blockchain network for several key reasons: low transaction costs, fast settlement times, and its recent institutional adoption trajectory. Ripple, the company behind XRPL, has been heavily investing in the RWA space, most notably backing tokenised funds and treasury bills through projects like OpenEden and Abrdn.

Using XRPL is a notable deviation from the Ethereum-based norm, and demonstrates Dubai’s openness to alternative blockchain ecosystems. This technical choice may also bolster XRP’s position as a practical infrastructure layer for compliant, scalable asset tokenisation.

Regulatory Oversight Bolsters Investor Confidence

What truly sets Dubai’s initiative apart from other tokenisation efforts globally is its comprehensive regulatory framework. The project is being monitored by a coalition of heavyweight institutions: the UAE Central Bank, Dubai’s Virtual Assets Regulatory Authority (VARA), and the Dubai Future Foundation, operating through its Real Estate Sandbox programme.

In an industry still recovering from legal controversies, including a recent U.S. Securities and Exchange Commission (SEC) lawsuit against a fraudulent tokenised property firm, Dubai’s strict oversight brings much-needed legitimacy to blockchain-based real estate projects. The involvement of Zand Digital Bank as the platform’s official banking partner adds another layer of financial trust, especially as all transactions during the pilot phase are processed in fiat currency, not crypto.

This alignment of government, fintech, and regulatory institutions creates a unique compliance-first ecosystem, balancing innovation with risk management. In doing so, Dubai offers a rare example of how emerging technologies can be safely integrated into traditional asset markets without compromising security or transparency.

A $16 Billion Vision for 2033

Dubai’s ambitious long-term strategy projects that 7% of all real estate transactions equivalent to AED 60 billion ($16 billion) will be tokenised by 2033. This move is part of the broader Dubai Economic Agenda and the Real Estate Sector Strategy 2033, both aimed at boosting the city’s digital economy, attracting global investment, and improving economic competitiveness.

The platform is designed to democratise real estate ownership. Traditionally, property investment has required significant capital, excluding retail investors. With fractional ownership now starting at $540, Prypco Mint opens the doors for a wider demographic to participate in the lucrative Dubai property market. The project is already generating interest far beyond the UAE, with global expansion anticipated in subsequent phases.

Dubai’s timing is strategic. Global consultancies like Ripple, McKinsey, and BCG predict that tokenised assets could scale into multi-trillion dollar markets within a few years. While most current tokenisation efforts focus on financial instruments like bonds and funds, real estate remains a largely untapped frontier. Dubai’s initiative gives it a competitive edge as other cities and countries cautiously explore similar frameworks.

A Case Study in Blockchain Adoption

Beyond the immediate headlines, Dubai’s tokenised real estate platform sets a precedent for how blockchain and traditional infrastructure can work hand in hand. By ensuring that on-chain records are legally binding and directly integrated with government databases, the city avoids the pitfalls that have plagued many private sector attempts.

This initiative is more than a technological experiment; it is a blueprint for future urban development, where real estate is not just bought and sold through brokers, but seamlessly transacted through decentralised networks with full government backing.

Dubai’s move also reflects a broader regional ambition. As the first country in the Middle East and North Africa (MENA) to implement a government-backed tokenised real estate platform, the UAE is positioning itself as a hub for blockchain innovation and real-world digital asset implementation.