Dubai’s VARA becomes the world’s first Regulatory Authority to enter the Metaverse

Dubai’s VARA becomes the world’s first Regulatory Authority to enter the Metaverse

Inaugurating the VARA MetaHQ on the Sandbox, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, 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 Dubai Government utilises modern innovations to extend its services and regulatory power to audiences in an open technological expanse, without constraints or borders. VARA represents a serious effort to build a new, powerful economic sector that contributes to the nation's economy and creates new investment opportunities, and this is possible through the safe and modern regulatory solutions we envision. Our presence in the Metaverse therefore 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.”

His Highness went on to add, “VARA has been established as a mission-focused Regulator, to nurture and safely scale a rapidly decentralising business landscape founded on