OKX exec warns against hype amid real-world asset tokenization boom

Published

1 month ago

May 6, 2025

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OKX exec warns against hype amid real-world asset tokenization boom

The CEO of crypto exchange OKX’s Middle East and North Africa (MENA) division has called on the industry to prioritize real-world utility as interest in tokenizing real-world assets (RWAs) continues to grow.

In a Cointelegraph interview at the Token20249 event in Dubai, OKX MENA CEO Rifad Mahasneh warned that while tokenization is promising, projects must “clearly demonstrate” the benefits of tokenizing specific assets.

“In some cases, we’re tokenizing things that don’t need tokenization, but in some cases, we’re tokenizing things that actually give you real, everyday value, right? And if you can see that everyday value, then that is a promising project,” Mahasneh told Cointelegraph.

He said hype can drive project growth in the Web3 space, but providing everyday value should be the priority.

RWA tokenization gains traction in the UAE

Mahasneh’s comments come amid an increase in real-world asset tokenization projects in the Middle East, including the United Arab Emirates.

On May 1, MultiBank Group signed a $3 billion RWA agreement with the UAE-based real-estate firm MAG and blockchain infrastructure provider Mavryk — the largest RWA initiative worldwide to date.

In addition to billions in RWA deals, the UAE government has started working on RWA tokenization. On March 19, the Dubai Land Department — the government agency responsible for promoting, organizing and registering real estate in Dubai — announced a pilot phase of its real-estate tokenization project. The agency is working with Dubai’s Virtual Assets Regulatory Authority (VARA), the emirate’s crypto regulator.

On 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.

Mahasneh told Cointelegraph that the region’s 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.

UAE stablecoin framework gives institutions confidence

The executive also praised the region’s 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.

According to Mahasneh, this demonstrates the UAE’s speed in regulating crypto-related technologies. The executive also highlighted that the central bank’s involvement gives institutions extra confidence in entering the business.

“Other 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’s a big plus,” Mahasneh said.

Since then, major players like Tether have joined the race by issuing a dirham-pegged stablecoin. On April 29, institutions like Abu Dhabi’s 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.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Politics

Scottish Labour win Hamilton, Larkhall and Stonehouse by-election as SNP suffer shock defeat

Published

5 hours ago

June 6, 2025

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Scottish Labour win Hamilton, Larkhall and Stonehouse by-election as SNP suffer shock defeat

Scottish Labour’s Davy Russell has won the Hamilton, Larkhall and Stonehouse by-election.

Mr Russell took top spot with 8,559 votes. The SNP placed second with 7,957 votes, with Reform UK closely taking third with 7,088 votes.

The new MSP said he was “proud” to have been elected, adding: “I said in this campaign that I will put this community, our community first.

“I will work every single day to do that.”

The by-election was called following the death of SNP MSP Christina McKelvie.

The Scottish government minister died in March at the age of 57, having last year taken medical leave to undergo treatment for secondary breast cancer.

South Lanarkshire councillor Katy Loudon had hoped to retain the Holyrood seat for the SNP, given her party’s heavy losses to Labour at last year’s UK general election.

First Minister John Swinney congratulated Mr Russell following the result.

In a post on X, the SNP leader said Ms Loudon had “fought a superb SNP campaign”.

He added: “We have made progress since the election last year but not enough. We still have work to do and we will do it.”

All eyes were also on Reform UK and whether it would enjoy a “tartan bounce” in light of the party’s recent slew of local election wins in England.

With Reform UK never having won an election in Scotland, party deputy leader Richard Tice said candidate Ross Lambie coming in third was a “massive boost for us”.

He added: “It’s a fantastic result, just a few hundred votes away from the SNP, nobody predicted that.

“I think that sets us up with excitement and momentum for the next 11 months into the Holyrood elections.”

Mr Russell said the constituents had voted to “take a new direction” with his party.

He added: “Like the people here in Hamilton, Larkhall and Stonehouse, and right across Scotland, we all feel we have been let down by the SNP.

“They’ve broken our NHS, wasted our money, and after nearly two decades they don’t deserve another chance.”

Mr Russell said the community had also “sent a message” to Reform UK leader Nigel Farage “and his mob tonight”.

He added: “The poison of Reform isn’t us, it isn’t Scotland, and we don’t want your division here.

“Reform have no real answers to the issues we face, and they can’t beat the SNP here or replace them across Scotland.”

Mr Russell said his party was ready to “fix” the NHS and “end the SNP’s addiction to wasting your money”.

He added: “The road to a new direction for Scotland in 2026 – with Anas Sarwar as first minister and a Scottish Labour government – begins right here. So, let’s go and win it together.”

Ten candidates went head-to-head in the Holyrood by-election:

• Collette Bradley, Scottish Socialist Party – 278 votes
• Andy Brady, Scottish Family Party – 219 votes
• Ross Lambie, Reform UK – 7,088 votes
• Katy Loudon, Scottish National Party (SNP) – 7,957 votes
• Janice MacKay, UK Independence Party (UKIP) – 50 votes
• Ann McGuinness, Scottish Green Party – 695 votes
• Aisha Mir, Scottish Liberal Democrats – 533 votes
• Richard Nelson, Scottish Conservative and Unionist Party – 1,621 votes
• Davy Russell, Scottish Labour Party – 8,559 votes
• Marc Wilkinson, Independent – 109 votes

The votes were verified and manually counted at South Lanarkshire Council headquarters in Hamilton.

Campaigning became heated in the run up to the by-election, with Reform UK accused of running a “racist” ad on Facebook against Scottish Labour leader Anas Sarwar.

Reform leader Mr Farage continued to double down, accusing his rival of “sectarian politics”.

In response, the Scottish Labour MSP branded Mr Farage a “poisonous little man” and accused him of running a “campaign of dirt and smear”.

First Minister Mr Swinney had earlier warned it was a “two-horse race” between the SNP and Reform UK, urging voters to “defeat the gutter politics” of Mr Farage.

With less than a year to go before the Scottish parliament election, the result potentially offers a snapshot of how the political landscape north of the border could look in 2026.

Mr Sarwar said: “I think people need to change the script, because we’ve proven the pollsters wrong.

“We’ve proven the commentators wrong, we’ve proven the bookies wrong. We’ve proven John Swinney wrong and so many others wrong too.”