The Dubai Virtual Asset Regulatory Authority, or VARA, has purchased land in the virtual reality world The Sandbox (SAND) as part of its plans to set up a metaverse headquarters.
In a Tuesday announcement from Emirates news agency WAM, VARA said the metaverse entry was aimed at facilitating “collaborative engagement” between virtual asset service providers, international regulatory authorities, and industry leaders. In addition, the Dubai regulator said establishing its “MetaHQ” office could help reach “younger licensees” entering the virtual world.
“By expanding VARA’s resources to a borderless audience through the Metaverse, Dubai is creating a prototype Decentralised Regulator Model, inviting international thought leaders — global authorities, governance custodians and industry shapers — to participate, exchange knowledge and problem-solve collectively so that we enable the dynamic virtual assets sector to build economic resilience, accelerate social inclusion and address environmental sustainability,” said Sheikh Mohammed bin Rashid Al Maktoum, prime minister and ruler of the United Arab Emirates.
— WAM English (@WAMNEWS_ENG) May 3, 2022
Helal Saeed Almarri, director-general of the Dubai World Trade Centre Authority, added:
”VARA’s acquiring land in the Sandbox is symbolic of our belief in this sector, and the onus is on us as government to be the bridge that allows investors and…