The Virtual Assets Regulatory Authority (VARA), a Dubai-based virtual asset regulator, has established its metaverse headquarters in The Sandbox virtual environment. The regulator intends to make itself available to all stakeholders by creating a presence in the metaverse.
According to a statement from the agency, Dubai’s digital assets regulator, the Virtual Assets Regulatory Authority (VARA), has created its metaverse headquarters (HQ) in the virtual environment of The Sandbox. The metaverse HQ’s goal, according to the regulator, is to guarantee VARA “is available to its industry in their environment.”
VARA is also anticipated to make it easier for virtual asset service providers (VASPs), industry influencers, and international regulators to collaborate. By taking this step, the Dubai regulator is showing a readiness to create the Emirate “the world’s Virtual Assets Capital,” according to the statement.
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Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, remarked after the announcement:
“Dubai continues to be at the forefront of technological development.” We’ve progressed from being early adopters to innovators and participants in defining the technology’s future. Today, VARA enters the metaverse as Dubai’s – and the metaverse’s – first government authority, ushering in a new age in which [the] Dubai government uses modern innovations to expand its services and regulatory power to audiences in an open technical expanse, free of limits and boundaries.”
VARA has built a decentralized regulatory approach, according to Sheikh Hamdan, by building the metaverse HQ, which allows stakeholders to communicate or exchange knowledge and address problems collaboratively.
“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,” said Helal Saeed Almarri, director-general of the Dubai World Trade Center Authority.