Dubai Virtual Assets Regulator Announces Establishment of its Metaverse HQ

Published on: 09 May 2022
by KnowESG
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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, 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 regulator said that the goal of the metaverse HQ is to make sure that VARA is available to its industry in their environment.

VARA is also projected 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 willingness to create in the Emirate " the world's Virtual Assets Capital."

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, said:

"Dubai maintains a leading position at the forefront of technological transformation. We have exceeded the role of an early adopter to become an innovator and participant in shaping the future of this technology. 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.”

According to Sheikh Hamdan, VARA has built a decentralised regulatory approach by establishing the metaverse HQ, which allows stakeholders to communicate or exchange knowledge and address problems jointly.

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.”

Source: Bitcoin.com

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