Daman Virtual Pitches Dubai as Tokenisation Hub as Citi, HSBC Expand

Daman Virtual, the digital asset arm of Dubai-based Daman Securities, recently co-hosted the Digital Assets Leadership Forum to position the emirate as a global hub for tokenization. The event brought together regulators and market operators to discuss the practical application of tokenized sukuk, investment funds, and international equities. While no specific new products or partnerships were announced, the forum highlighted the strategic shift in Dubai from merely issuing licenses to fostering actual issuance and trading volume. Daman Virtual leverages its parent company's 27-year history in traditional finance to attract institutional clients, family offices, and corporate treasuries. The firm faces stiff competition from global banking giants like Citi and HSBC, which are developing their own closed-ledger systems for institutional asset management. Industry experts note that while the potential for tokenized assets is estimated at $600 trillion, current on-chain adoption remains below 0.01%. The discourse underscored that legal recognition and asset verification remain the primary hurdles for scaling the sector. Ultimately, the event signals Dubai's intent to integrate regulated brokers into the evolving digital capital markets landscape.