The Virtual Assets Regulatory Authority in Dubai, also known as the Virtual Assets Regulatory Authority (VARA), established its Metaverse Headquarters in The Sandbox virtual reality. The regulator stated that it plans to be accessible to all parties by establishing a metaverse presence.
World’s ‘Virtual Assets Capital’
Dubai’s digital assets regulator, the Virtual Assets Regulatory Authority (VARA), has established its metaverse headquarters (HQ) in the virtual world of The Sandbox, a statement from the regulator has said. The regulator said its objective for setting up the metaverse HQ is to ensure VARA “is accessible to its industry in their environment.”
VARA will also facilitate interaction between VASPs (virtual asset service providers), industry leaders, regulators and the global community. According to the statement, by making this move, the Dubai regulator is signaling a willingness to make the Emirate “the world’s Virtual Assets Capital.”
Maintaining Dubai’s Lead
Following the announcement Sheikh Hamdan Bin Mohammed bin Rashid Al Maktoum (the Crown Prince of Dubai) said that:
“Dubai maintains a leading position at the forefront of technological transformation. To be an innovator and part of shaping this future technology, we have gone beyond the traditional role of early adopters. Today, VARA joins the metaverse to become Dubai’s – and the metaverse’s – first government authority, ushering in a new era in which [the] Dubai government utilises modern innovations to extend its services and regulatory power to audiences in an open technological expanse, without constraints or borders.”
Sheikh Hamdan stated that VARA established the metaverse Headquarters to create a decentralized regulatory system that allows everyone involved in solving problems and sharing knowledge.
Helal Saeed Almarri, the director-general at the Dubai World Trade Center Authority, said: “As the first niche regulator for the VA [virtual assets] sector globally, VARA’s Metaverse HQ also makes the UAE the first jurisdiction to enter this platform, reflecting our leadership’s aspiration to facilitate a borderless new market enabling sustainable economic freedom.”
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