Pyse and MANTRA Finance Receive VARA NOC to Launch Shariah Compliant RWA backed by Dubai’s Food delivery EVs
DUBAI, UAE and HONG KONG, Jan. 29, 2026 /PRNewswire/ — Pyse has received the required Non-Objection Certificate (NOC) from Dubai’s Virtual Assets Regulatory Authority (VARA) to distribute PYSE Green Velocity 1, a token 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 VASP regulatory regime. The launch on February 10th, 2026 will follow nearly a year of collaboration between Pyse, MANTRA Finance, and a Shariah advisor, AmanX, to structure and prepare a fully regulated and Shariah compliant offering.
Following early real estate tokenization initiatives in Dubai, this launch approval marks one of the next steps in bringing income-generating infrastructure assets into regulated virtual asset markets. It reflects Dubai’s continued progression from experimentation to real-world deployment of tokenized assets within a clear supervisory framework.
Last mile delivery sits at the heart of Dubai’s urban economy, keeping platforms like Noon and Talabat moving at full pace. Driven by strong ecommerce adoption and dense city logistics, the segment represents a multi billion dollar opportunity and plays a central role in keeping goods and services moving efficiently across the city. Electric motorcycles are a key part of this system, offering lower operating costs, faster delivery times, and improved earnings outcomes for riders and delivery operators.
PYSE Green Velocity 1 fractionalizes lease-based cash flows generated by electric motorcycles deployed across Dubai. These are revenue generating, income producing assets that support riders, delivery partners, and the broader urban mobility ecosystem. By financing electric motorcycles, the structure contributes to the electrification of last mile delivery while improving unit economics for ecosystem participants.
“The ability to structure a Dubai-based asset, as an offering distributed to investors locally, is a strong signal of the country’s future-focused approach,” said Kaustubh Padakannaya, Co-Founder of Pyse. “This product would not be possible without VARA’s clarity and willingness to engage deeply with new asset classes. And we can’t wait to get the people of Dubai to become a part of the rapidly growing 10 minute economy”
“We are incredibly excited to partner with Pyse as the first onchain tokenized asset issuance on MANTRA Finance’s VARA regulated platform.” John Patrick Mullin, CEO and Founder of MANTRA, said. “We have been working with the Pyse team since the beginning of the MANTRA RWA accelerator, and are glad to see this real world use case coming together in a safe, compliant, and novel way. This offering will be a great example of how the MANTRA Finance platform will work with its key partners to leverage onchain DeFi technology with compliance oversight.”
The product has been structured to be Shariah compliant and has been independently audited by AmanX. The Shariah compliant structure aligns the product with regional investor expectations and reinforces its positioning as a long term, asset based investment.
The issuance of the required Non-Objection Certificate (NOC) by VARA on PYSE Green Velocity 1 reflects a regulatory environment that recognizes the role of tokenization in modern capital markets and is committed to building the necessary rails responsibly.
This approval represents a starting point as Pyse engages with wealth managers, family offices, and private investors in the coming weeks as the token is open for subscription.
PYSE Green Velocity 1 is a Shariah compliant real world asset product, built for Dubai’s sustainable vision and future first financial ecosystem.
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 10th launch.
Licensing or registration with VARA does not imply endorsement or approval of any specific Virtual Asset product, offering, or service.
About MANTRA
MANTRA is a purpose-built EVM compatible Layer 1 blockchain designed for real world assets, with native support for regulatory compliance.
MANTRA holds a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA) to operate as a Virtual Asset Exchange and provide broker-dealer, management, and investment services.