Dubai’s newly established Virtual Assets Regulatory Authority (VARA) has officially begun work on its metaverse presence. Having partnered with metaverse player The Sandbox, VARA has disclosed plans of creating a virtual headquarter in the digital world. This VARA office in The Sandbox has been named ‘MetaHQ’. With this launch, VARA is aiming at driving Web3 adoption further on a global level. As of now, the Dubai authority has not disclosed many details about the MetaHQ. Its location in The Sandbox world also remains unknown at present.
VARA will become the world’s first crypto regulator to mark its presence in the metaverse.
“By expanding VARA’s resources to a borderless audience through the metaverse, Dubai is creating a prototype Decentralised Regulator Model, inviting international thought leaders – global authorities, governance custodians, and industry shapers to participate, exchange knowledge, and problem-solve collectively,” said H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of Dubai Executive Council.
VARA’s presence in the Metaverse, will extend Dubai’s services & regulatory power to audiences in an open technological expanse, without constraints or borders. The move marks a new phase in Dubai’s efforts to be a key player in shaping the future of technology & government
— Hamdan bin Mohammed (@HamdanMohammed) May 3, 2022
VARA’s virtual office will serve as an active avenue for authorities to engage with virtual asset services providers from around the world.
The regulator aims to “initiate applications, enable younger licensees [to] enter the metaverse, openly share knowledge and experiences with consumers and peer regulators to raise awareness, enable safe adoption, and drive global interoperability.”
Bloomberg Intelligence had recently reported the market opportunity for the metaverse to reach $800 billion (roughly Rs. 59,58,719 crore) by 2024.
Barbados, the tiny Caribbean Island nation, is working to establish a digital embassy in the metaverse.
Last month, UAE’s Emirates Airlines announced its entry into the metaverse and non-fungible token (NFT) sectors.