Dubai’s Virtual Assets Regulatory Authority (VARA) has established its Metaverse HQ in the virtual world 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 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,” said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.
VARA, established to provide a secure and progressive operating framework for the virtual asset 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.
