Dubai’s Crypto Regulator Will Launch A Virtual HQ In The Metaverse

Dubai’s Virtual Assets Regulatory Authority (VARA) announced that it would launch a meta verse headquarters in The Sandbox virtual world. The Sandbox is a 3D open world game that is blockchain-based.

In a tweet shared by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council says that the move “marks the beginning of a new phase in the Dubai government’s march for the future; one that will have a positive impact in the long run.”

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<blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>Today, Dubai’s Virtual Assets Regulatory Authority (VARA) made its debut in the Metaverse with the establishment of its Metaverse headquarters in the dynamic virtual world of ‘The Sandbox’. The initiative creates a new model to manage and expand Dubai’s government operations</p>&mdash; Hamdan bin Mohammed (@HamdanMohammed) <a href=”https://twitter.com/HamdanMohammed/status/1521565298461188102?ref_src=twsrc%5Etfw”>May 3, 2022</a></blockquote> <script async src=”https://platform.twitter.com/widgets.js” charset=”utf-8″></script>

There’s been no other detail shared about the role of the MetaHQ of VARA in The Sandbox

However, a public statement also included that it would “serve as its primary channel to engage [Virtual Asset Service Providers] across the globe to initiate applications, enable younger licensees [to] enter the metaverse, openly share knowledge and experiences with consumers and peer regulators to raise awareness, enable safe adoption, and drive global interoperability.”

VARA’s presence in the Metaverse, will extend Dubai’s services & regulatory power to audiences in an open technological expanse, without constraints or borders. The move marks a new phase in Dubai’s efforts to be a key player in shaping the future of technology & government

— Hamdan bin Mohammed (@HamdanMohammed) May 3, 2022

Wonder where the HQ will be in The Sandbox?

Hmmm, but for now, we’ll just have to wait and watch to see how much more inclusion of the metaverse is taken in the UAE, which at its current pace, is already going pretty rapidly.

VARA, if you haven’t heard, was launched in March to create an advanced legal framework and regulation system for all virtual assets in the UAE.

 

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A post shared by The Sandbox (@thesandboxgame)