Dubai’s VARA Establish Metaverse Headquarters in The Sandbox
The Virtual Assets Regulatory Authority (VARA) of the Emirate of Dubai enters the Metaverse through The Sandbox.
The Regulatory body announced on Tuesday the set-up of a headquarters in The Sandbox called MetaHq.
Speaking at the inauguration of Vara MetaHQ on The Sandbox, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, said:
“Today, Dubai's Virtual Assets Regulatory Authority (VARA) made its debut in the Metaverse with the establishment of its Metaverse headquarters in the dynamic virtual world of 'The Sandbox.'
The initiative creates a new model to manage and expand Dubai's government operations. 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.”
VARA was constituted on the 28th of February, 2022, by the enactment of Law No.4 of 2022 on the regulation of virtual assets. Accordingly, it was endowed with legal personality, financial, and administrative autonomy to pursue its objectives.
The location of MetaHq in The Sandbox and other relevant details is yet to be released. Still, this move highlights the government's commitment to transforming Dubai into the heart of virtual assets and digital economy.