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One of the leading regulatory bodies in Dubai, the Dubai Virtual Assets Regulatory Authority (VARA), has bought a piece of land in The Sandbox metaverse. The land will be used to build virtual offices for the regulator.
This is the latest move by the government of Dubai to foster cryptocurrency adoption. Cryptocurrency businesses have been moving to the region because of a friendly regulatory climate.
Dubai’s VARA buys land in The Sandbox
An official statement from the regulator said that it was moving into the metaverse to access a “borderless audience.” Creating virtual offices in The Sandbox will also allow the regulator to achieve social inclusion and environmental sustainability.
The virtual offices will also be an integral channel where people can share experiences and other details with the young demographic, players and developers on the metaverse. This move will boost global interoperability.
Dubai is currently positioning itself as a technological hub. VARA will become the first regulatory body to buy land in the metaverse. The Prince of Dubai and the Prime Minister of the UAE, Hamdan bin Mohammed al Maktoum, said that this move would allow Dubai to access all users within its metaverse.
“Dubai is creating a prototype Decentralized Regulator Model, inviting international though 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,” he said.
Tapping into the benefits of crypto
The Director-General of the Dubai World Trade Center Authority, Helal Saeed Almarri, said that Dubai viewed the cryptocurrency sector as an integral piece of the future global economy. Almarri added that the action by VARA to launch virtual offices in the metaverse came at a “crucial time” when Dubai is planning to regulate the crypto space fully.
The diplomat added that buying land in The Sandbox was a sign that the country was confident about the growth of the crypto space. The country is optimistic that the crypto space will continue recording increased adoption, and it will become a bridge that will attract new investors and consumers securely and responsibly.
“As the first niche regulator for the VA sector globally, VARA’s Metaverse HQ also makes the UAE the first jurisdiction to enter this platform,” Al Marri added.
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