KEY TAKEAWAYS
- Pyse has received a Non-Objection Certificate from Dubai’s VARA to launch PYSE Green Velocity 1, a token for fractionalizing lease-based cash flows from electric motorcycles.
- The product will be distributed through MANTRA Finance, ensuring Shariah compliance and regulatory adherence.
- This initiative marks a significant step in integrating income-generating assets into Dubai’s regulated virtual asset markets.
- The launch supports Dubai’s last mile delivery ecosystem, enhancing urban mobility and economic efficiency.
Pyse has received the necessary Non-Objection Certificate (NOC) from Dubai’s Virtual Assets Regulatory Authority (VARA) to distribute PYSE Green Velocity 1. This token is designed to fractionalize lease-based cash flows from electric motorcycles deployed across Dubai’s last mile delivery ecosystem.
The product will be distributed in Dubai through MANTRA Finance, a licensed broker-dealer operating under VARA’s Virtual Asset Service Provider (VASP) regulatory regime. The launch is scheduled for February 10, 2026, following nearly a year of collaboration between Pyse, MANTRA Finance, and Shariah advisor AmanX to ensure a fully regulated and Shariah-compliant offering.
Advancing Tokenization in Dubai’s Asset Markets
This launch approval marks a significant step in integrating income-generating infrastructure assets into regulated virtual asset markets. It reflects Dubai’s progression from experimental tokenization initiatives to real-world deployment within a clear supervisory framework.
Last mile delivery is crucial to Dubai’s urban economy, supporting platforms like Noon and Talabat. The segment, driven by strong e-commerce adoption and dense city logistics, represents a multi-billion dollar opportunity. Electric motorcycles play a key role by offering lower operating costs and faster delivery times, benefiting riders and delivery operators.
PYSE Green Velocity 1 fractionalizes lease-based cash flows generated by these electric motorcycles. These assets support the broader urban mobility ecosystem, contributing to the electrification of last mile delivery and improving unit economics for participants.
Shariah Compliance and Regulatory Engagement
The product has been structured to be Shariah compliant, independently audited by AmanX. This aligns the offering with regional investor expectations, reinforcing its position as a long-term, asset-based investment.
The issuance of the NOC by VARA highlights a regulatory environment that acknowledges the role of tokenization in modern capital markets. It demonstrates a commitment to responsibly building the necessary infrastructure for such innovations.
Kaustubh Padakannaya, Co-Founder of Pyse, noted the significance of structuring a Dubai-based asset for local investors, emphasizing VARA’s engagement with new asset classes. John Patrick Mullin, CEO and Founder of MANTRA, expressed enthusiasm for partnering with Pyse on this onchain tokenized asset issuance, highlighting the collaboration’s compliance and innovation.
The approval represents a starting point for Pyse as it engages with wealth managers, family offices, and private investors. A waitlist is now open on MANTRA Finance, with limited allocation remaining for the MANTRA community and public investors. The waitlist will close ahead of the February 10 launch.
For more details, the announcement can be found here.
Why This Matters: Impact, Industry Trends & Expert Insights
Pyse has received approval from Dubai’s VARA to launch the PYSE Green Velocity 1 token, enabling fractional ownership of electric motorcycle lease-based cash flows in Dubai. This launch marks a significant step in integrating tokenized infrastructure assets into regulated virtual asset markets.
A Greenwich report highlights the growing trend of tokenized real-world assets (RWAs), including EV fleets, moving beyond pilot phases into capital markets. This aligns with Pyse’s launch in Dubai, demonstrating the city’s commitment to adopting tokenization in regulated frameworks.
Insights from White & Case emphasize the convergence of Islamic finance principles with blockchain technology, enabling Shariah-compliant digital instruments. This supports Pyse’s Shariah-compliant token offering, reinforcing its appeal to regional investors and aligning with Dubai’s regulatory environment.
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