Dubai’s Virtual Assets Regulatory Authority (VARA) has entered into the Metaverse with the establishment of its Metaverse headquarters in the dynamic virtual world of ‘The Sandbox’.
VARA, being the world’s first regulator to make its debut in the Metaverse, aims to ensure that it is accessible to its industry in their environment, and to facilitate collaborative engagement between global Virtual Asset Service Providers (VASPs), Industry Thought-Leaders, and International Regulatory Authorities.
The VARA MetaHQ on the Sandbox was inaugurated by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.
The authority, established to provide a secure and progressive operating framework for the virtual asset (VA) 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 underlines 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.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum Crown Prince of Dubai Chairman of Dubai Executive Council
“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.”
In an emphatic commitment to enabling economic freedom in the Metaverse, VARA joins private sector game-changers, innovators and market makers across ICT, Financial and Professional services, Lifestyle, Entertainment and FMCG beyond the world of gaming and VASPs.
VARA MetaHQ will serve as its primary channel to engage VASPs across the globe to initiate applications, enable younger licensees to enter the metaverse, openly share knowledge and experiences with consumers and peer regulators to raise awareness, enable safe adoption, and drive global interoperability.
Mr. Helal Saeed Almarri, Director-General, DWTC Authority, commented that “Dubai views the virtual asset industry as the driver of the global future economy. VARA has been established at a pivotal moment in response to the expansion of the Emirate’s incredibly sophisticated and modern legal framework regulating virtual asset activities. As the first niche regulator for the VA sector globally, VARA’s Metaverse HQ also makes the UAE the first jurisdiction to enter this platform, reflecting our leadership’s aspiration to facilitate a borderless new market enabling sustainable economic freedom.”
