Dubai’s virtual assets regulatory authority the first regulator in metaverse
Dubai’s Virtual Assets Regulatory Authority (VARA) is the first regulator in the Metaverse with the establishment of its Metaverse HQ in the dynamic virtual world of ‘The Sandbox’.
As the world’s first regulator to make its debut in the Metaverse, Dubai Virtual assets regulator (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.
As per the press release, VARA, was established to provide a secure and progressive operating framework for the virtual asset (VA) sector to be able to scale, while assuring market and investor protection. This 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.
Sheikh Hamdan went on to add, “VARA has been established as a mission-focused Regulator, to nurture and safely scale a rapidly decentralizing business landscape founded on four cornerstone principles – secure cross-border interoperability, informed investor adoption, market protection prioritization and responsible industry participation. By expanding VARA’s resources to a borderless audience through the Metaverse, Dubai is creating a prototype Decentralized 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.”
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.
”VARA’s acquiring land in the Sandbox is symbolic of our belief in this sector, and the onus is on us as government to be the bridge that allows investors and consumers to safely adopt, and collaboratively scale the economy. In addition to yielding direct economic benefit and GDP acceleration for Dubai, the VARA sees this as the first step towards shared learning and expertise development across global regulators, so that the international community can benefit from a virtual economy that has been allowed to scale safely and sustainably.”