Dubai’s virtual assets regulator Virtual Assets Regulatory Authority (VARA) has become the world’s first regulatory authority to enter the metaverse.
The VARA has established its Metaverse HQ, making it the first regulator to have a presence in the emerging digital space. The move reflects UAE’s commitment to the New Economy and expansion of Vara’s resources to a borderless audience and create a prototype decentralised regulator model.
VARA seeks to offer collaborative engagement between global Virtual Asset Service Providers (VASPs) and international regulatory authorities.
Vara’s MetaHQ will utilise The Sandbox platform, the Ethereum blockchain-based application backed by Japanese investment conglomerate SoftBank, to create, sell and purchase digital assets.
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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.”
He said that the VARA has joined the Metaverse has 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 MetaHQ will engage with VASPs across the globe to initiate applications and to enable younger licensees enter the metaverse.
