Dubai’s VARA becomes world’s first regulator to make its debut in Metaverse

Dubai’s VARA becomes world’s first regulator to make its debut in Metaverse

VARA, established to provide a secure and progressive operating framework for the virtual asset (VA) sector to be able to scale, while assuring market and investor protection, expects to regulate the governing principles of the services and activities, rather than the continually-evolving products and underlying technologies. This bold move reflects Dubai Government’s confidence in Virtual Assets being integral to the future digital economy, and its readiness to establish the Emirate as the world’s Virtual Assets Capital.

Inaugurating the VARA MetaHQ on the Sandbox, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai 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