VARA becomes the world’s first regulator to make its debut in the metaverse. They aim to make sure that the regulator is accessible to the industry and the environment. The announcement of VARA’s entry into the metaverse was made after the establishment of HQ in the virtual world of “The Sandbox.”
Dubai’s Virtual Assets Regulatory Authority aims to facilitate collaborative engagement between global Virtual Asset Service Providers (VASPs), industry thought-leaders, and international regulatory authorities.
The “VARA MetaHQ” will serve as its primary channel to engage VASPs across the globe. This will initiate applications, enable younger licensees to enter the metaverse, openly share knowledge and experiences with consumers and peer regulators to raise awareness, enable safety adoption, and drive global interoperability.
Inaugurating the VARA MetaHQ on the Sandbox, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said, “Today, VARA joins the metaverse to become Dubai’s – and the metaverse’s – first government authority, ushering in a new era in which Dubai government utilizes modern innovations to extend its services and regulatory power to audiences in an open technological expanse, without constraints or borders. 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. Our presence in the Metaverse, therefore, marks the beginning of a new phase in the Dubai Government’s march for the future; one that will have a positive impact in the long run.”
