Sunday 15 May 2022
Dubai’s Virtual Assets Regulatory Authority (VARA) announced its entry into 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, VARA seeks to ensure that the regulator is accessible to its industry in its environment, and facilitate collaborative engagement between global Virtual Asset Service Providers (VASPs), industry thought leaders, and international regulatory authorities.
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 move reflects Dubai Government’s confidence in virtual assets being integral to the future digital economy, and its readiness to establish the city as the world’s virtual assets capital.
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 to participate, exchange knowledge, and solve problems collectively.