Dubai Regulator to Open Offices In The Sandbox Metaverse Dubai is continuing to push for the growth of crypto in the country and the appeal of crypto enthusiasts. The Dubai Virtual Assets Regulatory Authority, (VARA), announced that it purchased a piece in The Sandbox metaverse for the development and construction of virtual headquarters.
According to an official statement, the VARA is stepping into the Metaverse to reach a “borderless audience,” while also improving social inclusion and environmental sustainability by using fewer physical resources to manage its activities. In addition, VARA’s MetaHQ will serve as the main channel to share experiences and information with all developers, younger people, and players who frequent the Metaverse, thus enabling “secure adoption” to drive global interoperability.
VARA is first government authority to invest into the Metaverse
Dubai is a city known for its innovation in technology and tourism. This announcement is yet another example. VARA would be the first regulator to buy land in Metaverse, making history within the crypto industry. Hamdan bin Mohammed al Maktoum, Prince of Dubai and Prime Minister of the United Arab Emirates, said that by expanding VARA’s resources, the country would be in a position to reach out to all users in the Metaverse. He invited all relevant authorities from around the globe to take part in the exchange of ideas and build a stronger global economy by using virtual assets. “Dubai is creating a prototype Decentralized Regulator Model, inviting international thought leaders — global authorities, governance custodians, and industry shapers — to participate, exchange knowledge, and problem-solve collectively so that we enable the dynamic virtual assets sector to build economic resilience, accelerate social inclusion, and address environmental sustainability.”
This new foray into the Metaverse will accelerate Dubai’s GDP
Helal Saeed Almarri is the Director-General at the Dubai World Trade Center Authority. He said that Dubai sees the virtual asset market as the driving force of the global economy. The diplomat added that this new move is coming at a “crucial time” in response to the expansion of the “incredibly sophisticated and modern legal framework” that Dubai is deploying to regulate the cryptocurrency ecosystem as a whole. Helal Saeed almarri also noted that their acquisition of land in The Sandbox was a sign they are confident in this growing industry. They hope to see it grow in adoption until it is a bridge to securely and responsibly attract investors and consumers. “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.” Dubai is working hard to be a crypto-friendly country, as reported by the media. This is a reasonable goal considering the fact that Dubai is home to many crypto projects.