Dubai’s Virtual Assets Regulatory Authority enters the metaverse with Sandbox HQ

Dubai’s Virtual Assets Regulatory Authority (VARA) has announced its entry into the metaverse with the establishment of its metaverse HQ in the virtual world of ‘The Sandbox’.

As the world’s first regulator to make its debut in the metaverse, VARA aims to ensure that the regulator is accessible to its industry in their environment, and to facilitate collaborative engagement between global Virtual Asset Service Providers (VASPs), industry thought-leaders, and international regulatory authorities.

VARA MetaHQ will serve as its primary channel to engage VASPs across the globe to initiate applications, enable younger licencees enter the metaverse, openly share knowledge and experiences with consumers and peer regulators to raise awareness, enable safe adoption, and drive global interoperability.

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

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

VARA, established to provide a secure and progressive operating framework for the virtual asset (VA) sector to be able to scale, while assuring market and investor protection, expects to regulate the governing principles of the services and activities, rather than the continually-evolving products and underlying technologies.

Read: Sheikh Mohammed approves law regulating digital assets in Dubai

Inaugurating the VARA MetaHQ on the Sandbox, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said, “Today, VARA joins the metaverse to become Dubai’s – and the metaverse’s – first government authority, ushering in a new era in which Dubai government utilises modern innovations to extend its services and regulatory power to audiences in an open technological expanse, without constraints or borders. VARA represents a serious effort to build a new, powerful economic sector that contributes to the nation’s economy and creates new investment opportunities, and this is possible through the safe and modern regulatory solutions we envision. Our presence in the Metaverse therefore 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.”

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

Sheikh Hamdan went on to add, “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.”

Helal Saeed Almarri, director-general, Dubai World Trade Centre Authority, commented, “As the first niche regulator for the VA sector globally, VARA’s metaverse HQ also makes the UAE the first jurisdiction to enter this platform, reflecting our leadership’s aspiration to facilitate a borderless new market enabling sustainable economic freedom.