One of the strongest trends of the year, the metaverse coin market, exceeding $ 20 billion in market value, continues to attract attention from giant global companies. The latest development has been an investment by Dubai’s Virtual Assets Regulatory Authority (VARA), which has announced it will set up a headquarters on the Sandbox metaverse platform.
Dubai’s crypto regulator opens its virtual hub in this metaverse coin project
Dubai’s recently established virtual asset regulatory authority, VARA, is launching its one-of-a-kind digital hub in the Sandbox metaverse. Dubbed “Meta HQ”, VARA’s first metaverse move is the world’s first editor aimed at solidifying its presence in the Sandbox metaverse. This trend of VARA is interpreted as a “bold move” reflecting the intention and confidence of the Dubai Government to be an integral part of its future economy with cryptocurrencies.
Additionally, the metaverse extension of VARA as Meta HQ, Dubai will reportedly add further value to its existing crypto portfolio by supporting new connections and launching a community-driven experience that helps exchange valuable insight and knowledge. “MetaHQ”, as it is known, “serves as its primary channel to connect around the world to launch applications, enable younger licensees to enter the metaverse, openly share their knowledge and experience. Consumers and peer regulators to raise awareness, drive safe adoption and ensure global interoperability, the authority said.
The exact location of Sandbox’s headquarters has not yet been disclosed to the public
VARA aims to develop an advanced legal framework and regulatory system for virtual assets in Dubai and the rest of the United Arab Emirates (UAE). It was established at the beginning of March. Firms wishing to do business in the UAE must not only have a physical presence in the country but also obtain a crypto license from VARA. The operations of custodians and asset managers in the Bitcoin market are likewise managed by the organization.
However, it is also part of the government’s efforts to transform Dubai into a global hub for virtual assets and the digital economy. It has already had some success as it has managed to attract some key companies from Singapore, including Bybit and Three Arrows Capital, as we quoted as Kriptokoin.com.
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