Crypto News

Dubai Regulator opens offices in The Sandbox Metaverse

The Dubai government is not slowing down its efforts to encourage the development of the local crypto industry and its appeal to crypto enthusiasts. On May 3, the Dubai Virtual Assets Regulatory Authority (VARA) announced the purchase of a plot of land The sandbox Metaverse, intended for the development of a virtual headquarters.

According to an official statement, VARA is entering the Metaverse to reach “limitless audiences” while improving social inclusion and environmental sustainability by using fewer physical resources to manage its activities.

Additionally, VARA’s MetaHQ will serve as the primary channel to share experiences and information with all developers, younger people, and players visiting the Metaverse, enabling a “safe launch” to drive global interoperability.

VARA is the first government agency to invest in the Metaverse

Dubai is not only known for tourism but also for technological innovation. And this announcement is just another example. VARA would become the first regulator to buy land in the Metaverse and make history in the crypto industry.

Hamdan bin Mohammed al Maktoum, Prince of Dubai and Prime Minister of the United Arab Emirates, said that by expanding VARA resources, the country would be able to reach all users in the Metaverse. He also invited all government agencies around the world to participate and share ideas to build a better global economy through the use of virtual assets.

“Dubai is prototyping a decentralized regulatory model and inviting international thought leaders – global authorities, governance guardians and industry shapers – to participate, share knowledge and solve problems together, so we enable the dynamic virtual assets sector to grow economically build resilience. accelerate social inclusion and address environmental sustainability.”

This new foray into the metaverse will accelerate Dubai’s GDP

Helal Saeed Almarri, Director General of Dubai World Trade Center Authority, said that Dubai sees the virtual assets industry as the engine of the future global economy. The diplomat added that this new move comes at a “crucial time” in response to the expansion of the “incredibly sophisticated and modern regulatory framework” that Dubai is employing to regulate the cryptocurrency ecosystem as a whole.

Helal Saeed Almarri further noted that acquiring land in The Sandbox is a sign of their confidence in this burgeoning industry, which they hope to grow in acceptance until it becomes a bridge to safely and responsibly attract new investors and consumers .

“As the first niche regulator for the VA sector globally, VARA’s Metaverse HQ also makes the UAE the first jurisdiction to jump into this platform.”

As CryptoPotato recently reported, Dubai continues to aspire to become a globally recognized crypto-friendly nation. A goal that isn’t far off considering they are currently home to a variety of crypto projects.

Source: Crypto News Deutsch

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