The Virtual Assets Regulatory Authority (VARA) of Dubai has established its metaverse headquarters in The Sandbox virtual world.
The Virtual Assets Regulatory Authority (VARA), Dubai’s digital assets regulator, has established its metaverse headquarters (HQ) in the virtual world of The Sandbox, according to a statement from the regulator. The regulator stated that the goal of establishing the metaverse headquarters is to ensure that VARA “is accessible to its industry in their environment.”
VARA is also expected to aid in the collaboration of virtual asset service providers (VASPs), industry influencers, and global regulators. According to the statement, the move signals the Dubai regulator’s willingness to make the Emirate “the world’s Virtual Assets Capital.”
The Crown Prince of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, stated following the announcement:
“Dubai continues to be at the forefront of technological transformation.” We have progressed beyond the role of early adopters to become innovators and participants in shaping the future of this technology. Today, VARA enters the metaverse to become Dubai’s – and the metaverse’s – first government authority, ushering in a new era in which [the] Dubai government uses modern innovations to extend its services and regulatory power to audiences in an open technological expanse, free of constraints and borders.”
Sheikh Hamdan went on to say that by establishing the metaverse headquarters, VARA has created a decentralized regulatory model that allows stakeholders to share or exchange knowledge and collectively solve problems.
“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.