An interview with MANTRA CEO John Patrick Mullin
MANTRA recently made history as the first DeFi platform to secure a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This milestone allows MANTRA to operate as a fully regulated virtual asset exchange while offering Broker-Dealer Management and Investment Services.
We talked to John Patrick Mullin, CEO at MANTRA, to explore the significance of obtaining a VASP license for crypto companies, the opportunities it unlocks, and the challenges involved in securing regulatory approval from VARA. He also shared insights into the key factors that propelled MANTRA to this achievement.
John Patrick Mullin is a Hong Kong-based entrepreneur and builder, focused on DeFi, blockchain technology, digital assets, and Web3. He is currently the CEO and co-founder of MANTRA, a Layer 1 blockchain for RWA tokenization, and SOMA.finance. He has been investing/building in the crypto and digital assets space for over 10 years, having worked in decentralized finance and exchange/brokerage businesses.
John was introduced to Bitcoin in 2013 while earning his International Business degree at SLU-Madrid. He later pursued a dual Master’s Degree in Management from European Business School in Wiesbaden, Germany, and Economics from Tongji University in Shanghai, China, leading to a research analyst role at one of the largest Chinese state-owned banks.
Q 1. MANTRA Chain is designed as a purpose-built Layer 1 blockchain for real-world assets, with a strong focus on regulatory compliance. What led you to prioritize a compliance-first approach, and how has this shaped your partnerships and business strategy?
A 1. From the beginning, we recognized that the future of real-world asset (RWA) tokenization depends on regulatory trust and institutional adoption. Unlike speculative crypto projects, RWAs involve tangible assets, which means compliance isn’t optional – it’s a prerequisite for scalability. MANTRA Chain was designed as a regulatory-first Layer 1, ensuring that financial institutions and asset managers can confidently engage with blockchain technology within a clear legal framework.
This approach has directly shaped our partnerships and strategy. Securing a Virtual Asset Regulatory Authority (VARA) license in Dubai was a key step, as it positioned us to work with major financial players in a compliant environment. Our recent $1 billion real estate tokenization deal with DAMAC Group and collaborations with Google Cloud for secure infrastructure further reflect this vision. By prioritizing compliance, we’re bridging the gap between traditional finance and blockchain, making RWAs a viable asset class for mainstream adoption.
Q 2. Securing a VASP license from Dubai’s Virtual Assets Regulatory Authority (VARA) is a significant milestone. How challenging was this process for MANTRA, especially as an RWA-focused platform?
A 2. Obtaining the VARA license was three years in the making and a necessary step to position MANTRA as a trusted player in the RWA space. Dubai has one of the most comprehensive regulatory frameworks for virtual assets, designed to ensure transparency, security, and investor protection. Meeting these standards requires extensive audits, detailed compliance documentation, and a clear demonstration of how our platform aligns with existing financial regulations. The process required us to show robust risk management, KYC/AML capabilities, transaction monitoring, and adherence to international financial regulations.
For an RWA-focused platform like MANTRA, the challenge was even greater because tokenizing real-world assets involves both blockchain regulations and traditional finance oversight. However, this process reinforced our long-term vision – by operating within a fully regulated environment, we can attract institutional players who require legal certainty before engaging with digital assets. Now, with our VARA license in place, we’re uniquely positioned to drive large-scale adoption of tokenized RWAs.
Q 3. Based on your experience, what key advice would you offer to other Web3 businesses looking to achieve similar regulatory approvals?
A 3. For Web3 businesses aiming to secure regulatory approvals, the key is to treat compliance as a core business function, not an afterthought. Regulators are looking for companies that take risk management seriously. So, don’t wait for regulations to dictate your approach. Instead, work directly with them to understand their expectations, ensure alignment with their frameworks, and be transparent about your business model. This builds trust and can significantly speed up the approval process.
Having an in-house legal team is key, as well as engaging with outside firms that have experience in regulated financial markets. Together, it’s a strong combination that brings together decades of experience.
Finally, build compliance into your infrastructure: integrate KYC, AML, transaction monitoring, and onchain identity verification at the protocol level (as we did with MANTRA Chain). Regulators want to see that compliance isn’t just bolted on – it needs to be embedded in your technology and operations.
Q 4. MANTRA has been actively working with Web2 businesses, such as your recent partnership with DAMAC. Do you see the VASP license playing a key role in expanding your future partnerships? What new opportunities does regulatory approval unlock in terms of mainstream adoption and institutional collaboration?
A 4. Absolutely. The VASP license is a game-changer for expanding our partnerships, especially with traditional enterprises and institutional investors. Many large companies and financial institutions are interested in blockchain but won’t engage unless there’s a clear regulatory framework. Our license gives them that confidence – it assures them that MANTRA operates within a legally recognized structure, mitigating compliance risks.
This opens up opportunities beyond just real estate. We’re already seeing interest from asset managers, private equity firms, and even government entities exploring tokenization for infrastructure projects, bonds, and other RWAs.
Q 5. There’s often a debate in the crypto industry about the trade-off between decentralization and compliance. From your perspective, what advantages do blockchain businesses gain by making regulatory compliance a priority?
A 5. Regulation will drive adoption. The idea that decentralization and compliance are mutually exclusive is outdated. In reality, compliance is what enables blockchain businesses to scale beyond niche crypto markets and integrate with traditional finance. For sectors like RWA tokenization, regulatory adherence isn’t just beneficial – it’s essential for mainstream adoption.
By prioritizing compliance, blockchain businesses gain access to institutional capital, legal clarity, and greater market trust. It also allows them to help shape the regulatory landscape rather than react to it.
Q 6. Since the beginning of 2025, the $OM token has shown stability and strong performance. In your opinion, what are the main factors driving its growth? Do you believe MANTRA’s reputation as a compliant and regulatory-friendly platform plays a role?
A 6. The strong performance and stability of the $OM token in 2025 can be attributed to a combination of utility-driven demand, regulatory positioning, and strategic ecosystem growth. Unlike many speculative tokens, $OM is deeply integrated into the MANTRA Chain ecosystem, serving as the backbone for staking, governance, and transaction processing. As RWA tokenization gains traction, the demand for a secure, scalable, and compliance-ready Layer 1 like MANTRA has increased, driving sustained interest in $OM.
I believe regulatory clarity has been a key factor. Our VASP license, along with our commitment to compliant, institutional-grade blockchain infrastructure, has differentiated MANTRA from other projects. Institutional players and enterprises are far more likely to engage with a platform that meets legal and financial standards, reinforcing long-term confidence in both MANTRA Chain and the $OM token. This combination of real-world utility, regulatory trust, and ecosystem expansion positions $OM as a key asset in the future of tokenized finance.
Q 7. In Q1 2025, MANTRA launched its RWAccelerator, which not only provides funding but also mentorship to startups. Can you share more details about how this initiative works specifically in terms of experience sharing?
A 7. RWAccelerator is more than just funding – it’s about creating a collaborative environment where startups can learn from industry leaders and build scalable solutions. The program is structured around three key tracks: infrastructure, tokenization, and DeFi, allowing participants to tailor their experience based on their specific needs.
Mentorship plays a central role. Startups will gain hands-on guidance from MANTRA’s team on critical aspects like smart contracts, tokenomics, compliance, and market strategies. Additionally, Google Cloud engineers will lead workshops on cloud infrastructure and AI-driven solutions, ensuring that projects are built on a strong technical foundation.
Beyond structured mentorship, the program fosters peer-to-peer learning. By bringing together startups tackling similar challenges, RWA Accelerator creates a network effect – participants share insights, refine strategies, and collectively push the boundaries of RWA tokenization.
Q 8. You’ve been vocal about the potential of real-world assets (RWA) in blockchain. Why do you believe RWA initiatives have such a promising future? Also, do you think high-profile deals — like MANTRA’s partnership with DAMAC — are helping shift the perception of blockchain within traditional industries?
A 8. RWA tokenization has a massive future because it solves real inefficiencies in traditional finance. By bringing assets like real estate, bonds, and commodities on-chain, we unlock liquidity, reduce settlement times, and create fractional ownership opportunities that weren’t possible before. The demand for this is clear – financial institutions are actively exploring how to integrate RWAs into their portfolios, and blockchain provides the infrastructure to do it efficiently and transparently.
High-profile deals like our $1 billion partnership with DAMAC are accelerating this shift. When a major real estate developer embraces tokenization, it sends a strong signal to other traditional industries: blockchain is ready for enterprise adoption. These collaborations are shifting perceptions, demonstrating that compliant, scalable solutions like MANTRA Chain can bridge the gap between traditional finance and Web3, making blockchain a core infrastructure for the future of asset management.
