Dubai virtual asset regulatory authority VARA looks forward to its Metaverse debut with the Sandbox
This will be the first instance where a crypto regulatory authority is marking its presence in the metaverse by launching its virtual digital headquarters.
Dubai’s recently established virtual asset regulatory authority commonly referred to as VARA is launching its one-of-a-kind digital headquarters in the Sandbox metaverse. Dubbed “Meta HQ,” VARA’s Metaverse debut is labeled as the world’s first regulator that intends to solidify its presence in the virtual realm of the Sandbox metaverse.
VARA To Launch Its Digital Headquarters In The Sandbox Metaverse
In a recent blog update, VARA’s latest move toward launching its digital headquarters in the virtual Sandbox metaverse has been described as a “bold move” that reflects the intent and confidence of the Dubai Government in virtual assets being an integral part of its future economy.
“This bold move reflects 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.” The blog further states.
In addition to this, VARA’s Metaverse extension as Meta HQ will reportedly add more value to Dubai’s existing crypto portfolio by bolstering new connections and initiating a community-driven experience that assists in exchanging valuable insights and knowledge.
“By expanding VARA’s resources to a borderless audience through the Metaverse, Dubai is creating a prototype Decentralised 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.” The PR later adds
The authority is yet to clarify in detail what role will Meta HQ play in The Sandbox metaverse although the recently released statement adds that the initiative would serve ” as a 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.”
Speaking about VARA’s metaverse debut, Helal Saeed Almarri, Director-General, Dubai World Trade Centre Authority, further stated:
“Dubai views the virtual asset industry as the driver of the global future economy…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.”
In the meanwhile, the Sandbox metaverse continues to forge new collaborations to scale and expand its business. The company had recently partnered with crypto hardware wallet provider Ledger to accelerate crypto education in the Metaverse.