India: NRI Bridge from Day One —
Domestic Infrastructure from 2028
India is Phase III for domestic operations. The SEBI national framework pathway is longest of the four regions.
However, India-related revenue begins Day 1 of VARA licensing in Dubai through the NRI bridge connecting 50M+ non-resident Indian investors to Dubai's tokenised property market.
THE NRI BRIDGE
| Factor | Traditional Dubai Property | MeridianSquare Tokenised |
|---|---|---|
| Access Minimum investment | $200,000+ | AED 2,000 (~$545) |
| Barrier reduction | — | 99.7% lower threshold |
| Target base | HNW institutional | 50M+ addressable NRI investors |
| Regulatory jurisdiction | UAE property law | VARA (Dubai) — no SEBI approval required |
| Revenue attribution | — | Captured under UAE line from Day 1 |
Key Market Insight: NRIs are already the largest foreign buyer group in Dubai real estate. Tokenization removes the investment minimum — not the destination.
DOMESTIC INDIA STRATEGY — GIFT CITY 2028
| Regulatory Layer | Current Status | MeridianSquare Entry Trigger |
|---|---|---|
| IFSCA (GIFT City) | Framework active — Terazo and Tokeny $50M project live | Phase III entry 2028 — sandbox pathway available now |
| SEBI national framework | Expected 2027-28 (MP Raghav Chadha bill in progress) | Triggers domestic expansion beyond GIFT City |
| RERA integration | State-level — no national blockchain standard yet | Modular compliance — state-by-state activation |