VARA MetaHQ will serve as its primary channel to engage VASPs across the globe to initiate applications, enable younger licensees enter the metaverse, openly share knowledge and experiences with consumers and peer regulators to raise awareness, enable safe adoption, and drive global interoperability.
Dubai’s Virtual Assets
Regulatory Authority (VARA) is the world’s first regulator to make its debut in the Metaverse with the
establishment of its Metaverse HQ in the dynamic virtual world of ‘The Sandbox’. VARA seeks to ensure that the
regulator is accessible to its industry in their environment, and facilitate collaborative engagement between
global Virtual Asset Service Providers (VASPs), Industry Thought-leaders, and International Regulatory
Authorities.
Inaugurating the VARA MetaHQ on the Sandbox, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown
Prince of Dubai and Chairman of the Executive Council, said, “Dubai maintains a leading position at the
forefront of technological transformation. We have exceeded the role of an early adopter to become an innovator
and participant in shaping the future of this technology. Today, VARA joins the Metaverse to become Dubai's -
and the Metaverse's - first government authority, ushering in a new era in which Dubai Government utilises
modern innovations to extend its services and regulatory power to audiences in an open technological expanse,
without constraints or borders. VARA represents a serious effort to build a new, powerful economic sector that
contributes to the nation's economy and creates new investment opportunities, and this is possible through the
safe and modern regulatory solutions we envision. Our presence in the Metaverse therefore marks the beginning of
a new phase in the Dubai Government's march for the future; one that will have a positive impact in the long
run.”
VARA, established to provide a secure and progressive operating framework for the virtual asset sector to be able
to scale, while assuring market and investor protection, expects to regulate the governing principles of the
services and activities, rather than the continually-evolving products and underlying technologies. This bold
move reflects Dubai Government’s confidence in Virtual Assets being integral to the future digital economy, and
its readiness to establish the Emirate as the world’s Virtual Assets Capital.
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 so that we
enable the dynamic virtual assets sector to build economic resilience, accelerate social inclusion, and address
environmental sustainability.”
In an emphatic commitment to enable economic freedom in the Metaverse, VARA joins private sector game-changers,
innovators and market makers across ICT, Financial and Professional services, Lifestyle, Entertainment and FMCG
beyond the world of gaming and VASPs. VARA MetaHQ will serve as its primary channel to engage VASPs across the
globe to initiate applications, enable younger licensees enter the metaverse, openly share knowledge and
experiences with consumers and peer regulators to raise awareness, enable safe adoption, and drive global
interoperability.
Source: https://www.sme10x.com/