Dubai’s VARA becomes world’s first regulatory authority to enter metaverse

Dubai’s VARA becomes world’s first regulatory authority to enter metaverse

Move reflects UAE’s commitment to the New Economy and confidence in the security and sustainability of Web 3.0 ecosystems

Sheikh Hamdan said VARA is set to become Dubai’s first government authority in metaverse. — Wam

Published: Tue 3 May 2022, 3:14 PM Last updated: Tue 3 May 2022, 3:32 PM

Dubai’s Virtual Assets Regulatory Authority (VARA) announced its entry into the metaverse with the establishment of its metaverse headquarters in the dynamic virtual world of ‘The Sandbox’.

As the world’s first Regulator to make its debut in the metaverse, VARA seeks to ensure that the regulator is accessible to its industry in their environment, and facilitate collaborative engagement between global Virtual Asset Service Providers (VASPs), industry thought-leaders, and international regulatory authorities.

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, Sheikh Hamdan