Ctrl Alt, a tokenisation infrastructure provider, and the Dubai Land Department (DLD) have launched Phase Two of Dubai’s Real Estate Tokenisation Project Pilot.
This new phase introduces controlled secondary market trading capabilities for tokenised real estate assets.
Building on early success
The rollout builds on the successful first stage of the pilot, during which ten properties were tokenised. These properties represent more than $5million (AED 18.5million) in real estate value. Now, approximately 7.8 million tokens issued during that initial phase will be eligible for resale within a controlled secondary market environment.
According to the announcement, the secondary trading phase is designed to evaluate market efficiency and operational readiness. It also aims to strengthen transparency, governance, and investor protections.
Trading will occur within a regulated pilot framework on the project’s distribution platform to ensure transaction integrity and alignment with existing land registry processes. All on-chain transactions in this phase will continue to be executed on the XRP Ledger (XRPL) and secured by Ripple Custody.
The underlying infrastructure
As the tokenisation infrastructure partner for the project, Ctrl Alt minted and issued the original title deed ownership tokens during Phase One. Moving into Phase Two, the firm is deploying the secondary market functionality.
Because Ctrl Alt is directly integrated with the DLD systems, property title deeds can be issued, managed, and transferred directly on-chain. All secondary market transactions in this phase are executed through the Ctrl Alt tokenisation engine, which ensures that ownership records remain accurate and fully aligned with official registries.
To facilitate these regulated secondary-market transfers, Ctrl Alt is introducing new digital assets:
- The firm will issue Asset-Referenced Virtual Asset (ARVA) management tokens.
- Both ownership and management tokens will be recorded on-chain.
- This dual-token approach creates a single, immutable record of ownership.
This technical infrastructure is underpinned by Ctrl Alt’s role as a licensed Virtual Asset Service Provider (VASP). The firm was the first to receive an Issuer license from Dubai’s Virtual Assets Regulatory Authority (VARA) and also holds a Broker-Dealer license.
Industry perspectives
Robert Farquhar, CEO, MENA at Ctrl
Robert Farquhar, CEO, MENA at Ctrl Alt, highlighted the collaborative effort behind the launch: “We’re proud to work with the Dubai Land Department and VARA on Phase Two of the project, demonstrating what is possible when governments and institutional-grade innovation come together to build market-leading digital rails. Native tokenisation only reaches its full potential when assets can move efficiently post-issuance, and secondary market trading is essential to that outcome. By establishing robust tokenisation infrastructure that supports the regulated transfer of tokenised land title deeds, Dubai is setting a global benchmark for how assets can be issued, traded, and managed on-chain.”
Matt Acheson, CPO at Ctrl Alt, explained the technical engineering involved: “Our goal was to build a secondary market infrastructure that is efficient for the entire ecosystem while maintaining the controls and governance required by the DLD and VARA. To achieve this, Ctrl Alt engineered a sophisticated technical framework to facilitate the dual operation of ARVA management tokens and ownership tokens seamlessly on-chain. We manage the underlying complexity of this tokenisation technology so that distribution platforms like PRYPCO and others can deliver smooth, fractional real estate experiences to their end users, without the requirement of building and managing the tokenisation infrastructure themselves.”
As of February 2026, Ctrl Alt has tokenised over $850million in assets globally, spanning real estate, private credit, funds, and commodities.
