The newly formed Virtual Assets Regulatory Authority (VARA) in Dubai has officially started work on its Metaverse presence. In collaboration with Metaverse player The Sandbox, VARA has announced plans to create a virtual headquarters in the digital world. This VARA office in The Sandbox was named “MetaHQ”. With this launch, VARA aims to further drive the adoption of Web3 on a global scale. So far, the Dubai Authority has not revealed many details about the MetaHQ. His location in the world of The Sandbox is also currently unknown.
VARA becomes the world’s first crypto regulator to demonstrate its presence in the metaverse.
“By expanding VARA’s resources to a boundless audience through the Metaverse, Dubai is creating a prototype of a decentralized regulatory model and inviting international thought leaders – global authorities, governance guardians and industry shapers – to participate, share knowledge and solve problems together” , he said to HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of the Dubai Executive Council.
VARA’s presence in the Metaverse will extend Dubai’s services and regulatory power to an audience in an open technological expanse without restrictions or boundaries. The move marks a new phase in Dubai’s efforts to be a major player in shaping the future of technology and government
– Hamdan bin Mohammed (@HamdanMohammed) May 3, 2022
VARA’s virtual office will serve as an active way for authorities to engage with virtual asset service providers from around the world.
The regulatory authority aims to “initiate applications to enable younger licensees [to] Enter the metaverse, openly sharing knowledge and experiences with consumers and other regulators to raise awareness, enable secure adoption and drive global interoperability.”
Bloomberg Intelligence recently reported that the market opportunity for the Metaverse is $800 billion by 2024 (approx.
Barbados, the small Caribbean island nation, is working to set up a digital embassy in the metaverse.
Last month, Emirates Airlines of the United Arab Emirates announced its entry into the Metaverse and non-fungible token (NFT) sectors.
https://gadgets360.com/cryptocurrency/news/dubai-crypto-regulator-vara-metaverse-headquarter-sandbox-2944516 Dubai’s Virtual Assets Regulator Establishes Metaverse Headquarters, Partners The Sandbox