Real estate tokenisation platform for governments, registries and asset owners
Ctrl Alt's real estate tokenisation platform (US spelling: tokenization) is the one used in Dubai Land Department's Real Estate Tokenization Project, where Ctrl Alt is the tokenisation partner: since the launch on 24 May 2025, ten Dubai properties worth AED 18.5 million have been tokenised on the XRP Ledger, the firm's Dubai entity holds VARA licence VL/25/05/002, and controlled secondary trading opened on 20 February 2026.
UK United Kingdom: Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong.
AE Dubai (VARA): Virtual Assets may lose their value in full or in part, and are subject to extreme volatility. The owner or investor in a Virtual Asset can lose all the money or other value they invest, and does not benefit from any form of financial protection.
AE Dubai (ARVA): The asset-referenced virtual asset in each token pair described on this page is not covered by any investor protection or deposit guarantee schemes.
Our services can only be used by professional or institutional investors. When investing, your capital is at risk. The value of an investment may go down as well as up and past performance is not a reliable indicator of future results.
- VARAVL/25/05/002
- DLDProperty Token Ownership Certificate
- Pilot10 properties, AED 18.5 million
- LedgerXRP Ledger
What the platform does in a property tokenisation programme
In the Dubai programme, Ctrl Alt Solutions DMCC is the tokenisation partner and the issuer, acting under the two activities on VARA licence VL/25/05/002: Broker-Dealer Services and Category 1 VA Issuance. Dubai Land Department stays the registry of record, VARA supervises, and a separate distributor, Prypco FZE, runs the investor-facing platform. Each part below is evidenced by the project's press releases or the issuer's whitepapers.
Issuance and the token register
Each property is issued as a pair of linked tokens: an ownership token on the Department's blockchain-integrated ownership ledger and an asset-referenced virtual asset (ARVA) carrying the governance and economic rights. For TRE-1110, 130.88 square metres are divided into units of 0.0001 square metre: 1,308,800 tokens at about AED 1.83 each on a listing price of AED 2,400,000. Ctrl Alt keeps the register that maps wallets to holders.
Registry integration
The Department registers token holders as fractional property owners in its own records. If an on-chain transfer does not produce a matching registry record, the issuer suspends transfers of the affected tokens until the two are reconciled. On 29 May 2025 the Department announced a Property Token Ownership Certificate for holders.
Custody
The issuer hosts and controls the custodial wallets, using Ripple's institutional custody technology; the two firms announced the arrangement on 16 July 2025. Private wallets are not supported. The controls are set out under custody and security evidence.
Secondary market support
Phase two opened controlled secondary market trading on 20 February 2026, with approximately 7.8 million tokens eligible for resale. Resale happens between onboarded holders on the distributor's platform, in wallets the issuer controls. Ctrl Alt also helped design the XRP Ledger amendment XLS-68d, Sponsored Fees and Reserves, with Ripple and the XRPL developer community.
In short, there are five stages: a property registered with Dubai Land Department; issuance of the linked ownership token and ARVA; tokens on the XRP Ledger in issuer-controlled custodial wallets; holders registered by the Department as fractional owners; and controlled resale. The stages and the flow diagram are in the guide to how real estate tokenisation works in Dubai.
On the record: ten Dubai properties tokenised
Three dated events are on the public record, each taken from a Ctrl Alt press release. On Dubai Land Department launched the Real Estate Tokenization Project with VARA, the Dubai Future Foundation and Prypco under the Real Estate Evolution Space Initiative, with Ctrl Alt as tokenisation partner and the XRP Ledger as the blockchain; the VARA register entry for VL/25/05/002 shows the licence issued the same day. On Ripple's institutional custody technology was announced for the project. On phase two opened controlled secondary market trading.
| Token ID | In circulation | AED at listing |
|---|---|---|
| TRE-1110 | 1,308,800 | 2,400,000 |
| TRE-A104 | 809,500 | 1,500,000 |
| TRE-L304 | 827,800 | 1,860,000 |
| TRE-D32X | 1,240,800 | 1,750,000 |
| TRE-S803 | 694,300 | 1,600,000 |
| TRE-1016 | 931,400 | 2,400,000 |
| TRE-2601 | 787,800 | 1,900,000 |
| TRE-A903 | 462,400 | 1,000,000 |
| 59431-0ZB5 | 761,600 | 1,700,000 |
| TRE-HSMB | 930,700 | 2,400,000 |
| Published by the issuer; not independently verified. Shown as published, without a totals row. | ||
Last reviewed . The licence condition on the VARA register names TRE-1110 and TRE-A104; the entity page lists whitepapers for all ten tokens.
- Pilot stage
release, - Ten properties worth more than $5 million, which is AED 18.5 million.
- Eligible for resale
same release - Approximately 7.8 million tokens. The release figure and the per-token figures in the table are published separately and are not reconciled here.
- First project
Department, - 224 investors of 44 nationalities and an average investment of AED 10,714, according to Dubai Land Department.
- Status
whitepapers, - The issuer still describes the project as a pilot run in a controlled environment.
The dated timeline of the project is in the Dubai real estate tokenisation guide.
Legal nature, custody, exit and audits
The tokenised-asset disclosure for the Dubai property tokens, in five rows.
The rows below paraphrase the issuer's ARVA whitepapers for TRE-1110 and TRE-A104, both published on 17 February 2026 and opened on 11 October 2026. The documents themselves govern.
What the token is in law
Each token pair represents a direct fractional right of ownership in the named Dubai property, with the holder registered by Dubai Land Department as a fractional owner; it is not a share in a vehicle and not a claim on the issuer.
The pair is an ownership token linked to an ARVA that carries the governance and economic rights, including rental income, which is not guaranteed; neither can exist or be transferred without the other. Holders acquire no claims against the issuer beyond those in the whitepaper, which calls the ownership token a “tokenized title deed” (TRE-1110, 17 February 2026).
With SPV shares an investor owns part of a company that holds the title; with a REIT, units in a fund. Here the registry records the holder, with no vehicle in between: see the comparison of registry-backed tokens, SPV shares and a REIT.
Who holds the keys and the underlying
The tokens sit in custodial wallets hosted and controlled by the issuer, Ctrl Alt Solutions DMCC, using hardware security module technology from Ripple Custody under an outsourcing agreement. Holders cannot move tokens to private wallets. Ownership of the property is recorded at the Department's land registry, which remains the main record if the ledger fails; tokens can then be re-minted. The whitepapers name no separate third-party custodian.
Exit and redemption
There is no redemption at par by the issuer. A holder exits by reselling to other onboarded holders on the distributor's platform (Prypco FZE, VARA licence VL/25/05/001), subject to demand and to the distributor's terms. The seller may price up to 15% above or below a quarterly valuation, and proceeds are paid within 3 to 4 working days. In rare cases the distributor may, at its discretion, buy tokens back at 15% below the last valuation.
Redemption for a traditional title deed needs every holder's agreement, the issuer's validation and the Department's approval. At the end of the investment term holders vote on a sale or a one-year extension. The distributor's terms typically include a lock-in period, whose length is not restated here.
Disclosure and audit cadence
VARA's rules for ARVAs require a licensed issuer to publish on its website, at least monthly, the number and value of ARVAs in public circulation and whether they are fully backed, and to commission an independent audit every six months. The two whitepapers name no auditor of the tokens and no place of publication, and the ten-token table has no as-of date. The only audits they list are third-party audits of XRP Ledger specifications.
Who may be served
The VARA register limits Ctrl Alt's own services to Qualified and Institutional Investors, under a VA Limited Licence, in the context of tokenising ARVAs authorised by Dubai Land Department; it names TRE-1110 and TRE-A104. The whitepapers give the tokens' target market as retail clients and qualified investors as defined by VARA, reached through the distributor, whose distribution is its own activity under its own licence.
Distributor rules in the whitepaper: a minimum of AED 2,000, at most 20% of a property's value per investor and a 24-hour cancellation window. Compensation scheme: none, according to the whitepapers. The ARVA is not covered by any investor protection or deposit guarantee schemes.
Other government and real assets
Property is one of four asset groups on Ctrl Alt's page for governments. The other three are listed here as areas the firm addresses; this page does not claim a live government programme in any of them.
- Infrastructure
- Debt instruments: sovereign, municipal, infrastructure and green bonds
- Alternative and other revenue-generating assets
Ctrl Alt says it works with governments and other institutions through custom technology builds or API integrations. The general issuance model is on the page for the asset tokenisation platform for other asset classes, and pooled vehicles are covered by the fund tokenisation platform.
Fees and timeline
Ctrl Alt does not publish programme fees, minimums or delivery timelines for registries and asset owners. The table separates what is quoted on request from what the issuer's whitepaper makes public for the Dubai project.
| Fee | What it covers | Paid by, paid to | Published figure |
|---|---|---|---|
| Programme set-up | Consultation, structuring, legal and compliance, technical implementation | Programme owner to Ctrl Alt | On request |
| Programme operation | Issuance, custody, registry reconciliation, secondary market support | Programme owner to Ctrl Alt | On request |
| Issuer's consideration | Dubai project: tokenising a property | Distributor to issuer | AED 850 per title deed tokenised |
| Secondary trading | Dubai project: commercial fees on resale | Received by the issuer | Amount not published |
| Issuer's fees to holders | Dubai project | Token holders to issuer | None |
| Distributor's fees to holders | Dubai project | Token holders to distributor | Set by the distributor |
Last reviewed . Dubai project rows: issuer's ARVA whitepaper for TRE-1110, 17 February 2026. Fees charged to token holders are set by the distributor and are not listed here.
No delivery timeline is published either. The one dated reference is the Dubai project itself: launch on 24 May 2025 and controlled secondary trading from 20 February 2026, just under nine months later. That interval records one pilot and is not an estimate for another programme. What drives cost at each stage is set out under pricing and cost drivers.
Questions from registries and asset owners
These are programme-owner questions. Whether tokenisation is legal in Dubai, what holders own, which ledger is used and how resale works are answered in the guide to real estate tokenisation in Dubai, and there are more questions and answers on the FAQ page.
Which licence does Ctrl Alt hold for property tokenisation in Dubai?
Ctrl Alt Solutions DMCC holds VASP Licence VL/25/05/002 from Dubai's Virtual Assets Regulatory Authority, issued on 24 May 2025. The licensed activities are Broker-Dealer Services and Category 1 VA Issuance. The register limits both to Qualified and Institutional Investors, under a VA Limited Licence, in the context of tokenising asset-referenced virtual assets authorised by Dubai Land Department.
Which parts of a programme does Ctrl Alt run, and which stay with the registry?
Ctrl Alt runs issuance of the linked tokens, the issuer-controlled custodial wallets, the register that maps wallets to holders and the reconciliation of transfers with the registry. The registry keeps the legal record: in Dubai the Land Department registers each holder as a fractional owner. Onboarding, distribution and resale sit with the distributor under its own licence.
Can the platform connect to another land registry?
Only one registry integration is on the public record: Dubai Land Department, where the issuer still describes the project as a pilot. Ctrl Alt says it works with governments through custom technology builds or API integrations, but no second registry has been announced, so the scope, timing and regulatory route elsewhere have to be confirmed with the firm.
Can property be tokenised in the UK?
No UK programme of the Dubai kind is on the public record. The Dubai model depends on the land registry recording token holders. Ctrl Alt Ltd is authorised and regulated by the Financial Conduct Authority (FRN 1045023), and the UK position is covered in the guide to VARA and FCA rules for tokenised assets. A careers-page statement about tokenising the first UK house carries no date or source.
What does a real estate tokenisation programme cost?
No programme price list is published: fees for registries and asset owners have to be requested for each programme. The fee table above shows what is public for the Dubai project, where the issuer's whitepaper sets its consideration and says that token holders pay the issuer no fees, and the pricing page sets out the cost drivers stage by stage.
Regulatory disclosure and related pages
Who provides the service. In Dubai the services on this page are provided by Ctrl Alt Solutions DMCC, company number DMCC199928, licensed by Dubai's Virtual Assets Regulatory Authority under VASP Licence VL/25/05/002, issued on 24 May 2025, for Broker-Dealer Services and Category 1 VA Issuance. The register restricts both to Qualified and Institutional Investors under a VA Limited Licence, in the context of ARVAs authorised by Dubai Land Department (VARA public register entry). See VARA licence VL/25/05/002 and the other register entries and the page about Ctrl Alt and its Dubai entity.
What is not covered. The ARVA is not covered by any investor protection or deposit guarantee schemes. The TRE-1110 whitepaper states that it was notified to VARA before issuance and that VARA has not verified its content. Read the risk disclosure for tokenised assets before relying on anything here.
Not advice and not an offer. Ctrl Alt does not provide investment advice or recommendations. This page is for information only and is not investment advice. It describes infrastructure for programme owners and does not invite anyone to acquire the tokens.
Planning a registry-backed property programme?
Share the registry, the asset type and the jurisdiction, and Ctrl Alt can walk through the role split, the licence scope and the disclosure duties described on this page. The conversation is for programme owners and is not an offer of tokens.