Dubai’s Virtual Assets Regulatory Authority Establishes Its Headquarters In The Sandbox Metaverse
Dubai enters the metaverse space
The Virtual Assets Regulatory Authority (VARA) of Dubai has announced its debut into the metaverse by establishing a metaverse headquarters in the virtual environment of ‘The Sandbox.’
VARA aims to ensure that the regulator is accessible to its industry in their environment and to facilitate collaborative engagement between global Virtual Asset Service Providers (VASPs), industry thought-leaders, and international regulatory authorities as the world’s first regulator to make its debut in the metaverse.
VARA MetaHQ will be its primary channel for engaging VASPs around the world in order to initiate applications, allow younger licensees to enter the metaverse, and openly share knowledge and experiences with consumers and peer regulators in order to raise awareness, enable safe adoption, and drive global interoperability.
VARA expects to regulate the governing principles of the services and activities, rather than the constantly-evolving products and underlying technologies, as it was created to provide a secure and progressive operating framework for the virtual asset (VA) sector to scale while assuring market and investor protection.
“Our presence in the metaverse… marks the beginning of a new phase in the Dubai government’s march for the future; one that will have a positive impact in the long run,” Sheikh Hamdan bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, said in a statement to the WAM news agency.
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