Dubai Virtual Assets Regulatory Authority becomes world’s first government authority in Metaverse
June 11, 2024
By Expat Media
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Dubai Virtual Assets Regulatory Authority becomes world’s first government authority in Metaverse
DUBAI - Dubai’s Virtual Assets Regulatory Authority (VARA) has made its debut in the Metaverse, becoming the first government authority in the virtual world.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, inaugurated the VARA MetaHQ on The Sandbox virtual world.
VARA seeks to ensure that the regulator is accessible to its industry in their environment, and facilitate collaborative engagement between global Virtual Asset Service Providers, experts and international regulatory authorities.
“VARA has been established as a mission-focused regulator, to nurture and safely scale a rapidly decentralising business landscape founded on four cornerstone principles - secure cross-border interoperability, informed investor adoption, market protection prioritisation and responsible industry participation,” Sheikh Hamdan said.
The Dubai Crown Prince said the regulator is aimed at building new investment opportunities in a new economic sector.
“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," Sheikh Hamdan added.
VARA joins private sector game-changers, innovators and market makers across ICT, Financial and Professional services, Lifestyle, Entertainment and FMCG beyond the world of gaming and VASPs.
VARA MetaHQ will serve as its primary channel to engage VASPs across the globe to initiate applications, enable younger licensees enter the metaverse, openly share knowledge and experiences with consumers and peer regulators to raise awareness, enable safe adoption, and drive global interoperability. ICA/Expat Media
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