Dubai’s Virtual Assets Regulatory Authority (VARA) makes a head-turning move to establish a headquarters in The Sandbox.
Dubai VARA’s entry into the metaverse by establishing a virtual headquarters is considered one of the first moves ever by a global regulator. VARA aims to provide access to the regulator to everyone in the industry and also to introduce collaboration between industry thought leaders and international regulators.
Dubai is setting the standard for a crypto nation
The move reflects the confidence of the Dubai government in virtual assets and their potential. VARA was established with a vision to ensure a secure framework for the virtual asset sector to grow and, at the same time to protect the market and investors. Dubai is aiming high to establish itself as a virtual assets capital.
Speaking at the inauguration of Vara MetaHQ on The Sandbox, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, said:
“Dubai maintains a leading position at the forefront of technological transformation. We have exceeded the role of an early adopter to become an innovator and participant in shaping the future of this technology.”
He added that VARA represents a dedicated effort to build a powerful economic sector that contributes to the economy of the nation.
“Today, VARA joins the Metaverse to become Dubai’s – and the Metaverse’s – first government authority.”
Sheikh Hamdan also said that through the expansion of VARA’s resources and services inside the metaverse, it could get access to a borderless audience. This will bring global authorities and industry shapers to participate and share knowledge.
The initiatives from Dubai are clear evidence of its belief in the virtual asset industry and its possibility and role in the future global economy.
“Vara’s acquiring land in The Sandbox is symbolic of our belief in this sector, and the onus is on us as government to be the bridge that allows investors and consumers to safely adopt, and collaboratively scale the economy.”
Helal Almarri, director general of the Dubai World Trade Centre Authority