The Swiss-based cryptocurrency firm Taurus plans to expand into the United Arab Emirates (UAE), specifically targeting the real estate sector as the trend of asset tokenization gains worldwide momentum.
Taurus recently announced the opening of a new office in the UAE. This move is part of their strategy to capitalize on the increasing interest in tokenizing real-world assets (RWAs) and to take advantage of the anticipated surge in Dubai’s real estate market.
According to Taurus managing director Bashir Kazour, Dubai is not only a global investment hub but is also expected to see a 15% growth in its housing market in 2024. Kazour highlighted Dubai’s attraction of foreign investment and its clear cryptocurrency regulations as key reasons why the region is ideal for the growth of tokenization. The establishment of Taurus’ UAE office represents the company’s strategic effort to embrace the evolving trends in digital assets, as mentioned in an email reported by crypto.news.
Taurus is renowned for its specialized services in custody and tokenization for banking clients and major corporations. This expertise aligns well with the region’s requirements. The company has already begun engaging with local regulators, central banks, and clients, aiming to introduce innovative and compliant solutions to the market.
The broader crypto industry is witnessing a surge in interest regarding tokenization and RWAs on blockchain ledgers. The total market cap of RWAs in the industry has exceeded $1 billion, according to Coingecko. This growth is occurring alongside a general increase in cryptocurrency prices.
Coinbase, the largest cryptocurrency exchange in the United States, predicts that tokenization will become a crucial aspect of the digital asset sector by 2025. This view is supported by actions from major banks like JPMorgan, which have developed tokenization platforms and partnered with governments, such as Singapore, for blockchain-based projects.