- Dubai’s Virtual Assets Regulatory Authority announced in a statement today that it has plans to set up a headquarters in the virtual world of The Sandbox.
Dubai’s Virtual Assets Regulatory Authority (VARA), of The Sandbox (SAND) announced its entry into the Metaverse through the establishment of Metaverse HQ in its dynamic virtual world.
As the world’s first regulator to be located in the Metaverse and launched in early March to create an advanced legal framework and regulatory system for virtual assets in Dubai and the rest of the UAE, VARA aims to ensure that the regulator is accessible to its industry in their own environment and globally. Virtual Asset Service Providers (VASPs)is an organization that aims to facilitate collaborative interaction between industry thought leaders and international regulatory authorities.
According to VARA’s rules, firms wishing to operate in the UAE must not only have a commercial presence in the country, but must also obtain a crypto license from VARA. In addition, the platform also regulates the activities of guardians and asset managers in the cryptocurrency space.
Virtual presence (VA) Established to provide a secure and progressive operating framework for the industry to scale, and to secure market & investor protection, VARA was established to regulate the management principles of services and activities rather than constantly evolving products and core technologies.
This bold move demonstrates the Dubai Government’s confidence that Virtual Assets are an integral part of the future digital economy and is ready to position the Emirate as the Virtual Asset Capital of the world.
What is The Sandbox?
The popular metaverse coin chosen by the regulator The Sandbox (SAND)It was first released as a mobile game in 2012 and was acquired by Hong Kong-based game giant Animoca Brands in 2018. After this acquisition, the platform has turned into a multi-billion dollar project that is now deeply rooted in the metaverse and NFT fields.
Sandbox is a platform built on the Ethereum blockchain that allows users to buy, sell, trade and own assets in a virtual world. assets, non-fungible tokens (NFTs) and can represent land, cars, works of art, and other property.
This move isn’t the first time The Sandbox has attracted the attention of large corporations. Previously, leading worldwide organizations such as HSBC Bank and South Korean technology giant Samsung have expressed their interest in the project by purchasing metaverse virtual lands of the platform in the past.
Crown prince hopeful about Metaverse move
Sheikh Hamdan bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, told WAM news agency that metaverse moves will have a positive long-term impact, saying:
“We have transcended the role of early adopter to be innovative and participatory in shaping the future of this technology. Today, VARA joins the Metaverse to become the first government authority in Dubai – and Metaverse – ushering in a new era where the Dubai Government uses modern innovations to extend its services and regulatory power to audiences in an open technological space without restrictions or borders…
Our presence in the Metaverse therefore marks the beginning of a new phase in the Dubai Government’s march towards the future; It will have a positive effect in the long run.”
The official has so far not detailed what the role of “MetaHQ” will be, but in a statement he said that the center will have a worldwide presence. [Sanal Varlık Servis Sağlayıcıları] that it will serve as the primary channel for launching applications.
This platform is expected to enable young licensees to enter the metaverse and enable secure adoption, raise industry awareness and openly share knowledge and experience with consumers and peer regulators to enable global interoperability.
The location of the main hub within The Sandbox has yet to be announced.
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