Dubai’s Virtual Assets Regulatory Authority (VARA) announced today that it will set up a headquarters on the Sandbox metaverse platform.
Metaverse Move from Dubai Crypto Regulator
Sheikh Hamdan bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, told WAM news agency:
“Our presence in the metaverse universe… marks the beginning of a new phase in the Dubai government’s future progress, we will see its positive impact in the long run.”
Maktoum continued:
“Our new project will serve as the primary channel to launch Virtual Asset Service Providers worldwide applications. We took this step to enable young licensees to enter the metaverse, raise awareness, and openly share experiences with consumers and peers to drive safe adoption and interoperability.”
The location of the headquarters in The Sandbox has not yet been announced.
VARA and Crypto Studies
VARA was launched at the beginning of March to establish an advanced legal framework and regulatory system for virtual assets in Dubai and the rest of the UAE.
Firms wishing to operate in the UAE not only have a commercial presence in the country but also obtain a crypto license from VARA. In addition, VARA also regulates the activities of guardians and asset managers in the cryptocurrency space.
VARA, however, is part of the government’s initiative to make Dubai a hub for virtual assets and the digital economy.
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