Dubai: Virtual Assets Regulatory Authority emerges as world’s first authority to join metaverse

The Virtual Assets Regulatory Authority of Dubai said it had joined the metaverse with the launch of its Metaverse HQ, making it the world's first regulator to have an existence in the emerging digital space.

The Virtual Assets Regulatory Authority of Dubai said it had joined the metaverse with the launch of its Metaverse HQ, making it the world’s first regulator to have an existence in the emerging digital space.

Expanding Vara’s resources to a limitless audience is part of Dubai’s strategy to make a prototype decentralised regulator model. It also strives to make it available to industry and government leaders, other officials, and virtual asset service providers to support making the online economy’s future, said the Executive Officer on Tuesday, May 3.

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It further added that MetaHQ would act as the primary channel to engage worldwide virtual asset service providers to launch applications, welcome new licenses, share expertise as well as drive worldwide interoperability.

Vara’s MetaHQ will use The Sandbox platform and the Ethereum blockchain-based application, which is supported by Japanese investment conglomerate SoftBank and enables users to create, sell or buy virtual assets.

The “bold move” will be showing a new era that will witness the Dubai government leverage modern innovations to expand its services and regulatory power to audiences in an open technological spectrum, without borders or constraints, said Crown Prince of Dubai, Sheikh Hamdan bin Mohammed.

Sheikh Hamdan further stated, “Dubai preserves a leading position at the forefront of technological change. We have surpassed the role of an early adopter to become an innovator and participant in shaping the future of this technology.”

Dubai considers the virtual asset industry the driver of the future global economy.

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“Vara symbolises a serious effort to make a new, powerful economic sector that contributes to the country’s economy and creates new investment opportunities. This is possible through the secure and modern regulatory solutions we envision.”

Sheikh Mohammed bin Rashid launched Vara, Ruler and Vice President of Dubai, on March 9 this year, under the Dubai Virtual Asset Regulation Law, the first law in the UAE that regulates virtual assets.

The body strives to make an advanced legal framework to safeguard investors and give international standards for virtual asset industry governance to allow responsible business growth in the UAE.

Tariq Saeed

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