The Virtual Assets Regulatory Authority, Dubai’s new virtual asset regulator, is stepping into the Metaverse, an alternate reality based on Augmented or Virtual Reality. VARA has established a MetaHQ in ‘The Sandbox,’ a virtual world that will provide a framework for the Metaverse’s growing terrain.
VARA has become the “world’s first regulator to launch” in the field. According to a statement, VARA hopes to “guarantee that the regulator is available to its industry in their environment” in this way. And encourage “collaborative interaction” among worldwide Virtual Asset Service Providers (VASPs), industry leaders, and regulatory agencies.
VARA is a serious endeavour to develop a new, powerful economic sector that contributes to the nation’s economy and offers new investment possibilities.
“Dubai continues to be at the forefront of technological change,” said the statement “The Crown Prince of Dubai and Chairman of the Executive Council, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, stated. “We’ve progressed from being early adopters to innovators and participants in defining the technology’s future.
“Today, VARA joins the Metaverse to become Dubai’s – and the Metaverse’s – first government authority, ushering in a new era in which the Dubai Government uses modern innovations to extend its services and regulatory power to audiences across an open technological expanse, free of constraints and borders.” As a result, our presence in the Metaverse heralds the start of a new phase in the Dubai Government’s march toward the future, one that will have a long-term positive impact.”
Separate regulating system:
Dubai established VARA in March as part of a broader agenda-setting initiative in the virtual asset market. It creates a secure and progressive operational framework’ for the virtual asset industry to grow while also ensuring market and investor safety.
‘Rather than the constantly-evolving goods and underlying technology,’ VARA will control the guiding principles of the services and activities.
“VARA was founded as a mission-driven regulator to nurture and safely scale a rapidly decentralizing business landscape based on four cornerstone principles: secure cross-border interoperability, informed investor adoption, market protection prioritization, and responsible industry participation,” Sheikh Hamdan added.
Obtain the ‘land’:
VARA will obtain ‘land’ – or rights – in the Metaverse as part of this move. Helal Saeed Almarri, Director General, Dubai World Trade Centre Authority, which controls all of Dubai’s initiatives in the new emergent digital domain, said, “The onus is on us as government to provide the bridge that allows investors and consumers to securely embrace, and jointly expand the economy.”
“The VARA views this as the first step toward shared learning and knowledge development among global regulators so that the worldwide community may benefit from a virtual economy that has been permitted to expand securely and sustainably,” said the VARA.
