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Tuesday, March 28, 2023

Dubai Virtual Assets Regulator Establishes HQ in the Metaverse

Dubai Virtual Assets Regulator Establishes HQ 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 ensure VARA “is accessible to its industry in their environment.”

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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 willingness 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 remains at the cutting edge of technological transformation.” We’ve gone from early adopters to innovators and players in shaping the future of technology. Today, VARA enters the metaverse as Dubai’s – and the metaverse – first government authority, ushering in a new era in which the Dubai government uses modern innovations to expand its services and regulatory power to audiences in an open technological expanse, free of limits and borders.

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VARA has created a decentralized regulatory model, according to Sheikh Hamdan, by establishing the metaverse HQ, which allows stakeholders to share or exchange knowledge and solve problems collectively.

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Dubai Virtual Assets Regulator Establishes HQ in the Metaverse – “As the world’s first specialty regulator for the VA (virtual assets) sector, VARA’s Metaverse HQ also makes the UAE the first jurisdiction to access this platform,” said Helal Saeed Almarri, director-general of the Dubai World Trade Center Authority.

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