Dubai’s digital assets regulator, The Virtual Assets Regulatory Authority has established its metaverse headquarters within The Sandbox virtual world. VARA is aiming to be “accessible to their industry in their environment” as it makes its debut in the Metaverse. As well as further “facilitate engagement between virtual asset service providers, industry influencers, and global regulators.”
Why Dubai? A Metaverse HQ
In remarks following the announcement, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, expressed his eagerness for “Modern innovations.”. This will allow the company’s services to be extended “without borders or constraints.” The Dubai regulator stated that setting up the “MetaHQ” office would help “younger licensees” enter the virtual world.
Furthermore, Sheikh Hamdan added that VARA created a decentralized regulatory model that allows stakeholders to communicate and solve problems by installing the metaverse HQ.
VARA Breaks Ground
VARA hasn’t been the only company that announced they would be opening offices in the metaverse this year. VARA was the first regulator to do this. On Tuesday, the United States Securities and Exchange Commission said it would expand its division in charge of crypto enforcement by 20 people to be “better equipped to police wrongdoing in the crypto markets” but has not signaled a similar move into the metaverse.
Moreover, Director-General Helal Saeed Almarri commented on Dubai’s views regarding virtual assets as “the driver of the future global economy.”. Almarri also mentioned VARA’s role as the “first niche regulator globally for the VA sector.” Almarri stated that they might create a “borderless market that allows for sustainable economic freedom.”
Despite VARA’s campaign to the metaverse, Dubai remains on the index of nations holding the strictest cryptocurrency policies. Without the approval of VARA, crypto service providers cannot work in the country. The permit can be suspended or cancelled if the permit is not obtained. VARA is pushing into the metaverse and physical regulations could prevent work in the digital world.
Are you tired of missing important NFT drops?
Just check out our NFT Calendar!
Receive the biggest NFT news of the day & recommendations in our Daily newsletter.
- All of our news is being sent daily on Telegram
- We summarize the biggest news daily on Twitter & Instagram
- Learn with video tutorials and subscribe to our Youtube Channel
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.