The Virtual Assets Regulatory Authority in Dubai establishes its headquarters in the world of the metaverse

The Virtual Assets Regulatory Authority (VARA), the regulating body for virtual assets in Dubai, has announced its entry into the world of the metaverse and the establishment of its headquarters in the virtual world Sandbox. By establishing a presence in the metaverse, the regulatory body said it hopes to make itself accessible to all industry participants. “Virtual Assets Capital” in the world A statement issued by the Digital Assets Regulatory Authority in Dubai announced that the Virtual Assets Regulatory Authority (VARA) has established its headquarters (HQ) in the virtual world of The Sandbox.

The regulator said its aim in establishing its metaverse headquarters is to ensure the regulator is accessible to industry participants across their own environment and VARA is also expected to help facilitate engagement between virtual asset service providers (VASPs), industry influencers and global regulators. According to the statement, by taking this step, the Dubai Regulatory Authority is signaling its readiness to make the emirate the “virtual asset capital of the world.” Dubai maintains a leading position at the forefront of technological transformation. In statements following the announcement, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, said: “Today, VARA joins the metaverse to become the first government authority in Dubai - and the metaverse - to herald a new era in which the Dubai government uses modern innovations to expand its services and regulatory power to include the masses in an open technological field, without restrictions or boundaries.” His Highness Sheikh Hamdan bin Zayed Al Nahyan added that by establishing the Metaverse headquarters, VARA has created a decentralized organizational model that allows stakeholders to share or exchange knowledge and solve problems collectively.

Helal Saeed Al Marri, Director General of the Dubai World Trade Center Authority, also commented: “As the first dedicated regulator of the virtual assets sector globally, the Virtual Assets Regulatory Authority’s headquarters makes the UAE the first jurisdiction to enter this platform, reflecting the aspirations of our leadership to facilitate the creation of a new borderless market that enables sustainable economic freedom.”