Dubai’s VARA becomes world’s first regulator to debut its Metaverse

Dubai’s VARA becomes world’s first regulator to debut its Metaverse

Dubai’s recently founded virtual asset regulatory authority (VARA) is launching a digital headquarter in Sandbox metaverse.

VARA will be the world’s first regulator to step into the metaverse and it will ensure that the regulator is accessible to its industry and allow interaction between Industry Thought-leaders, Virtual Asset Service Providers, and International Regulatory Authorities.

In a recent blog article, VARA’s move towards launching its digital HQ in the dynamic virtual Sandbox metaverse has been termed as a “bold move” that reflects the confidence of the Dubai Government in the virtual asset being the future digital economy.

Furthermore, this move will add more value to the existing crypto portfolio of Dubai by boosting new connections and initiating a community-based experience that helps in exchanging valuable knowledge and insights. 

Dubai is creating a prototype of a decentralized regulator model by extending VARA’s resources to cross-border audiences via the Metaverse. This will invite international leaders, global authorities, industry shapers, and government custodians to participate, exchange insights, and solve problems collectively.

 This will eventually help Dubai to build economic resilience, augment social inclusion and lead to environmental stability.

The regulatory authority is still to put light on what role will Meta Headquarter play in the Sandbox metaverse. However, the recently issued statement states that the initiative will primarily work as a platform to engage VASPs across the world to open application for younger licensees and enable them to step into metaverse.

Director-General of Dubai World Trade Centre Authority, Helal Saeed Almarri, stated that Dubai views virtual asset industry as a prominent factor in driving global future economy. Being the first regulator for VA sector across the globe, VARA’s metaverse HQ makes Dubai the 1st jurisdiction to enter this space, solidifying UAE’s leadership to facilitate a new borderless market along with creating a sustainable economic freedom.

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