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Saudi Arabia has launched a government platform for the tokenization of housing and land.
Saudi Arabia has launched a state blockchain platform for the tokenization of real estate assets in a $1.5 trillion market. The solution is based on the ecosystems of Ethereum and Hyperledger Fabric, reported the General Directorate of Real Estate of the Kingdom (REGA).
REGA believes that SettleMint will enable the creation of a transparent, globally accessible ecosystem for real estate equity investment. According to officials, this is the first government project in the region that integrates blockchain with the state real estate registry (RER) and offers Sharia-compliant assets based on the equity ownership model.
The architecture of the blockchain platform is built on the Hyperledger Fabric solution, which is used in private and enterprise networks, ensuring the transparency of transactions.
The project authors announced that SettleMint complies with the requirements of the Saudi National Cybersecurity Authority (NCA) and is compatible with government identification and payment systems: Absher and Nafath.
According to REGA, tokenization could cover almost the entire real estate market in Saudi Arabia. REGA expects that by 2030 the project will be able to attract up to $50 billion in direct investments.
Earlier, the Central Bank of Saudi Arabia (SAMA) announced its joining the international digital platform mBridge as a full member.