Dubai’s Virtual Assets Regulatory Authority enters the metaverse with Sandbox HQ

Dubai’s Virtual Assets Regulatory Authority enters the metaverse with Sandbox HQ

Dubai’s Virtual Assets Regulatory Authority (VARA) has announced its entry into the metaverse with the establishment of its metaverse HQ in the virtual world of ‘The Sandbox’. As the world’s first regulator to make its debut in the metaverse, VARA aims to ensure that the regulator is accessible to its industry in their environment, and to facilitate collaborative engagement between global Virtual Asset Service Providers (VASPs), industry thought-leaders, and international regulatory authorities. VARA MetaHQ will serve as its primary channel to engage VASPs across the globe to initiate applications, enable younger licencees enter the metaverse, openly share knowledge and experiences with consumers and peer regulators to raise awareness, enable safe adoption, and drive global interoperability. 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. Inaugurating the VARA MetaHQ on the Sandbox, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said, “Today, VARA joins the metaverse to become Dubai’s – and the metaverse’s –