The Dubai Virtual Assets Regulatory Authority (VARA), amid the popularity of the presence of large corporations in the metaverse, has opened a representative office in the virtual world of The Sandbox.
VARA representatives explained that the headquarters in the virtual space will allow to offer services and provide a platform for interaction between market participants, from virtual asset service providers (VASPs) to influential industry representatives and regulators from around the world. With its office in the metaverse, Dubai’s regulator is declaring its readiness to make the emirate the “virtual asset capital of the world.”
The Crown Prince of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum (Hamdan bin Mohammed bin Rashid Al Maktoum), commenting on VARA’s statements, noted that the emirate’s authorities intend to maintain a leading position in the crypto industry:
“Today, VARA is joining the metaverse to be the first public authority in Dubai to usher in a new era in which the emirate’s government will use innovation to expand services and regulatory powers in an open technological space without limits.”
Hamdan added that by establishing a metaverse headquarters, VARA has created a decentralized regulatory model that allows stakeholders to share knowledge and solve problems collectively.
The UAE authorities are increasing their presence in the cryptocurrency market. In March, the first persons of the United Arab Emirates announced that they would discuss the role of digital assets in the future of the country and the prospect of paying salaries in cryptocurrency.
