UAE Business: Dubai Virtual Assets Regulatory Authority enters Metaverse – Gulf Digital News

UAE Business: Dubai Virtual Assets Regulatory Authority enters Metaverse – Gulf Digital News

Dubai’s Virtual Assets Regulatory Authority (Vara) has announced its entry into the Metaverse with the establishment of its Metaverse HQ 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.

A leading position

Inaugurating the Vara MetaHQ on the Sandbox, 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