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Dubai’s Virtual Assets Regulatory Authority has announced the creation of its headquarters within The Sandbox.
VARA was inaugurated at the beginning of March 2022 in order to establish the legal framework for virtual assets in the United Arab Emirates. It is the first-ever regulator to enter the Metaverse.
The Sandbox is a virtual world that already hosts a variety of companies. Among these are HSBC Bank, Snoopverse created by Snoop Dogg, and others.
The headquarters of VARA within the Metaverse is named “MetaHQ.” It will serve as a facilitator of communications for Virtual Asset Service Providers and international regulatory authorities. The location of MetaHQ has not been shared with the public yet.
In a statement to the WAM agency Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said: “Dubai maintains a leading position at the forefront of technological transformation. We have exceeded the role of an early adopter to become an innovator and participant in shaping the future of this technology.”
Dubai is one of the few cities in the world that accepts crypto payments in numerous places. Nonetheless, it has strict cryptocurrency policies. Right now, no crypto service provider can function within the country without Virtual Assets Regulatory authorization.
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