The Virtual Assets Regulatory Authority (VARA), which is the Dubai’s digital assets regulator, has established its metaverse headquarters in The Sandbox virtual environment. VARA’s goal in the Metaverse is to be “available to its industry in their surroundings.” Furthermore, “promote engagement among virtual asset service providers, industry influencers, and worldwide regulators.”
The HQ In Dubai
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, The crown prince of Dubai, expressed his enthusiasm for “Modern advancements” in statements following the announcement. As a result, its services may now be delivered “without limits or boundaries.” Furthermore, the Dubai regulator stated that establishing its “MetaHQ” office might aid in reaching “younger licensees” joining the virtual world.
Furthermore, Sheikh Hamdan stated that by establishing the metaverse HQ, VARA developed a decentralised regulatory architecture that allows stakeholders to interact and address problems.
About VARA & Future Plans
VARA isn’t the only corporation that has declared plans to build headquarters in the metaverse this year. VARA, on the other hand, is one of the first regulators to do so. The US Securities and Exchange Commission said on Tuesday that it will increase its crypto enforcement branch by 20 staff to be “better positioned to monitor misbehaviour in the crypto markets,” but has not indicated a comparable move into the metaverse.
Furthermore, Director-General Helal Saeed Almarri commented on Dubai’s views on virtual assets as “the future global economy’s motor.” Almarri also referred to VARA as the “world’s first specialist regulator for the VA industry.” Almarri believes that their move would “enable a borderless new market permitting sustained economic independence” around Dubai.
Despite VARA’s metaverse effort, Dubai remains on the list of countries with the tightest cryptocurrency rules. As a result, no crypto service provider may operate in the nation without the consent of the VARA. Failure to do so may result in the permission being suspended or cancelled. Physical laws may impede labour in the digital domain as VARA expands into the metaverse.
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