VARA in Dubai opens Metaverse headquarters in Sandbox

The Dubai Digital Asset Management Authority (VARA) has set up its metaverse headquarters in The Sandbox Virtual World. By getting to Metaverse, VARA is trying to “make its field accessible to it.” As another “facilitating interaction between virtual asset service providers, industry stakeholders and global regulators.”

Why Dubai? At Metaverse headquarters

In statements after the announcement, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, expressed his enthusiasm for “modern innovation”. It thus allows greater access to its services “without restrictions and limits”. In addition, the Dubai regulator says the establishment of its “MetaHQ” office will help reach out to “young licensees” to enter the virtual world.

Sheikh Hamdan added that VARA had created a decentralized regulatory model that allows stakeholders to communicate and troubleshoot HQ metaverse installations.

VARA is shattering the Earth

VARA is not the only company to announce that it will open metaverse offices this year. However, VARA was one of the first supervisors to do so. On Tuesday, the U.S. Securities and Exchange Commission said it would expand its cryptocurrency enforcement division to 20 people to “better deal with police misconduct in crypto-markets,” but did not announce similar steps in the metaverse to . In addition, CEO Helal Saeed Almarri commented on Dubai’s views on virtual assets as a “driving force for the future world economy.” Almarri also commented on VARA as “the first specialized regulator for the VA sector in the world.” In his remarks, Almarri believed that his move “could accelerate an unrestricted new market that would allow lasting economic freedom.” around Dubai.

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Moving forward

Despite the VARA metaverse campaign, Dubai remains on the index of countries that adhere to the strictest cryptocurrency policies. As a result, no crypto service provider in the country can operate without the permission of VARA. Failure to do so may result in revocation or cancellation of the license. If VARA shifts metaversion, physical regulations could hinder the work of the digital realm.

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