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Dubai VARA: The first regulator to build virtual offices on The Sandbox
VARA is making history as the pioneering regulator to enter the metaverse, a big move for technological innovation.
Virtual Assets Regulatory Authority of Dubai acquired a property on The Sandbox for the expansion of its virtual headquarters, according to the official announcement.
The reasons for stepping into the virtual world are to engage with borderless audiences, improve social inclusion, and boost environmental sustainability.
Virtual Assets Industry: The driver of the future global economy
Director-General of the Dubai World Trade Center Authority, Helal Saeed Almarri, stated that Dubai perceives the digital industry “as the driver of the future global economy”.
In addition, Helal Saeed Almarri pointed out that having virtual property in The Sandbox would attract new investors and consumers.
Regulators in Dubai admitted that its plan is happening at a “crucial time”. On the other hand, the government of Dubai has distributed its modern legal framework to regulate the crypto ecosystem.
So, the move of Dubai is coherent with its goal — to be recognized as a crypto-friendly country.
VARA: To open virtual headquarters on The Sandbox
Meanwhile, VARA’s MetaHQ will function as the main agency of VARA for handling information to employees — consisting of younger developers and players who regularly spend their time in the metaverse,
Prince of Dubai Hamdan bin Mohammed al Maktoum expressed that the state would reach out to all metaverse users.
Also, Dubai is encouraging global regulators, government custodians, and industry spheres to take part in the project.
Developing a prototype Decentralized Regulator Model will allow the digital asset sector to create economic resilience, boost social inclusion, and engage in environmental sustainability.
By Marielle Petere Wozinga Staff