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.
OKX MENA CEO Rifad Mahasneh at the Token2049 media lounge. Source: Cointelegraph
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.
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.
Sir Keir Starmer has said the government will not relax visa rules for India, as he embarks upon a two-day trade trip to Mumbai.
The prime minister touched down this morning with dozens of Britain’s most prominent business people, including bosses from BA, Barclays, Standard Chartered, BT and Rolls-Royce.
The first full-blown trade mission to India since Theresa May was prime minister, it’s designed to boost ties between the two countries.
Sir Keir – whose face has been plastered over posters and billboards across Mumbai – will meet Indian Prime Minister Narendra Modi on Thursday, five months after the UK signed the first trade deal with India since Brexit.
The agreement has yet to be implemented, with controversial plans to waive national insurance for workers employed by big Indian businesses sent to the UK still the subject of a forthcoming consultation.
Image: Sir Keir Starmer with his business delegation. Pic: PA
However, the business delegation is likely to use the trip to lobby the prime minister not to put more taxes on them in the November budget.
Sir Keir has already turned down the wish of some CEOs on the trip to increase the number of visas.
Speaking to journalists on the plane on the way out, he said: “The visa situation hasn’t changed with the free trade agreement, and therefore we didn’t open up more visas.”
He told business that it wasn’t right to focus on visas, telling them: “The issue is not about visas.
“It’s about business-to-business engagement and investment and jobs and prosperity coming into the UK.”
Image: Narendra Modi and Keir Starmer during a press conference in July. Pic: PA
No birthday wishes for Putin
The prime minister sidestepped questions about Mr Modi’s support of Russian leader Vladimir Putin, whom he wished a happy birthday on social media. US President Donald Trump has increased tariffs against India, alleging that Indian purchases of Russian oil are supporting the war in Ukraine.
Asked about Mr Modi wishing Mr Putin happy birthday, and whether he had leverage to talk to Mr Modi about his relationship with Russia, Sir Keir sidestepped the question.
“Just for the record, I haven’t… sent birthday congratulations to Putin, nor am I going to do so,” he said.
“I don’t suppose that comes as a surprise. In relation to energy, and clamping down on Russian energy, our focus as the UK, and we’ve been leading on this, is on the shadow fleet, because we think that’s the most effective way.
“We’ve been one of the lead countries in relation to the shadow fleet, working with other countries.”
PM: We aren’t forcing wealthy people out
Sir Keir refused to give business leaders any comfort about the budget and tax hikes, despite saying in his conference speech that he recognised the last budget had an impact.
“What I acknowledged in my conference, and I’ve acknowledged a number of times now, is we asked a lot of business in the last budget. It’s important that I acknowledge that, and I also said that that had helped us with growth and stabilising the economy,” he added. “I’m not going to make any comment about the forthcoming budget, as you would expect; no prime minister or chancellor ever does.”
Asked if too many wealthy people were leaving London, he said: “No. We keep a careful eye on the figures, as you would expect.
“The measures that we took at the last budget are bringing a considerable amount of revenue into the government which is being used to fix things like the NHS. We keep a careful eye on the figures.”
A Chinese spying trial collapsed last month after the UK government would not label Beijing a national security threat, a top prosecutor has said.
Christopher Berry, 33, and former parliamentary researcher Christopher Cash, 30, were accused of espionage for China.
But the Crown Prosecution Service (CPS) announced on 15 September that the charges would be dropped, sparking criticism from Downing Street and MPs.
Berry, of Witney, Oxfordshire, and Cash, from Whitechapel, east London, had denied accusations of providing information prejudicial to the interests of the state in breach of the Official Secrets Act between December 2021 and February 2023.
Image: Director of public prosecutions Stephen Parkinson. Pic: PA
Stephen Parkinson, the director of public prosecutions (DPP), told MPs in a letter on Tuesday that the CPS had tried “over many months” to get the evidence it needed to carry out the prosecution, but it had not been forthcoming from the Labour government.
However, Sir Keir Starmer insisted the decision to brand China a threat would have to have been taken under the last Conservative administration.
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The prime minister said: “You can’t prosecute someone two years later in relation to a designation that wasn’t in place at the time.”
It is understood that the decision to end the case came after a meeting of senior officials which, according to The Sunday Times, included Jonathan Powell, the national security adviser, and Sir Oliver Robins, the Foreign Office’s top diplomat.
To prove the case under the Official Secrets Act of 1911, prosecutors would have to show the defendants were acting for an “enemy”.
Both the current Labour government and the previous Conservative governments have not labelled China a risk to national security.
In his letter to the chairs of the Commons home and justice select committees, Mr Parkinson said: “It was considered that further evidence should be obtained.
“Efforts to obtain that evidence were made over many months, but notwithstanding the fact that further witness statements were provided, none of these stated that at the time of the offence China represented a threat to national security, and by late August 2025 it was realised that this evidence would not be forthcoming.
“When this became apparent, the case could not proceed.”
He also pointed out that in a separate case about Russian spying last year, a judge ruled that an “enemy” under the 1911 Act must be a country that represents a threat to national security of the UK “at the time of the offence”.
Image: The prime minister answered reporters’ questions about the collapse of the case while on a flight to Mumbai. Pic: PA
How has the government responded?
Sir Keir has addressed the contents of the letter, which he said he had “read at speed”, while on board a flight to Mumbai, as part of the UK’s largest ever trade mission to India.
The PM said: “What matters is what the designation [of China] was in 2023, because that’s when the offence was committed and that’s when the relevant period was.
“Statements were drawn up at the time according to the then government policy, and they haven’t been changed in relation to it, that was the position then.
“I might just add, nor could the position change, because it was the designation at the time that matters.”
Sir Keir, a former director of public prosecutions, added that he wasn’t “saying that defensively”, but because “as a prosecutor, I know that… it is what the situation at the time that matters”.
He also declined to criticise the CPS or the DPP, as he said “it’s wise not to”.
Since the alleged spying offences took place, the new National Security Act has superseded elements of the 1911 Act.
But Conservatives, including shadow home secretary Chris Philp, insist that Sir Keir has “very serious questions to personally answer”.