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.

Advertisement

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.

Advertisement

“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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Read More

Al Mazeedi: Jaber Hospital performs over 100 surgeries using “robots”

Kuwait: Head of the Department of Surgery at Jaber Hospital, and Chairman of the Kuwaiti Board of Surgery, Dr Sulaiman Al Mazeedi, confirmed that the surgical team at Jaber Hospital performed more than 100 surgeries using a surgical robot.

UAE records 332 additional COVID cases

Additional 332 cases of the novel coronavirus have been recorded in the United Arab Emirates today (March 23, 2022), as per the data shared in the Ministry of Health and Prevention.

The Emmy Awards 2021 nominations are out!

The nominations for one of the highly respected award shows- Emmy Awards 2021 have been announced. The announcement for the 73rd Emmy Awards nominations was...

Recent

Sheikh Mohammed issues law for military pensions and security fund

Vice President and Prime Minister of the United Arab Emirates - Sheikh Mohammed bin Rashid Al Maktoum made a regulation related to the Local Military Pensions and Social Security Fund in Dubai.

Dubai Police: HIPA launches 2nd Edition of Hemaya Clip Contest & Hemaya Media

The Dubai Police Hemaya International Centre, under the patronage of His Excellency Lieutenant General Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police, has launched the second edition of the Hemeya Clip Contest in cooperation with Hamdan bin Mohammad bin Rashid Al Maktoum International Photography Award.

UAE ranks first regionally, 11th globally in entrepreneurship

The UAE ranked first regionally and 11th globally on the business regulation index, which is one of the indicators included in the report issued...