The regulatory watchdog in Dubai, VARA (Virtual Asset Regulatory Authority), is about to make its debut launch in the metaverse by opening a digital headquarters in Sandbox. This is the first move by a crypto watchdog to establish a digital presence on the metaverse.
Crypto Watchdog Enters The Metaverse
According to a recent report by TheBlockCrypto, Dubai’s watchdog, VARA, is opening a digital headquarters using the Sandbox metaverse, which is a first for the industry. VARA’s metaverse entry, called “Meta HQ,” was labeled as a “bold step” that expresses the government of Dubai’s confidence in digital assets as a major component of the country’s future economy. The post stated that;
“The move shows Dubai Government’s confidence in digital Assets as being crucial to the coming digital economy, as well as its willingness to ensure the Emirate is the world’s digital assets capital.”
Additionally, VARA’s Metaverse expansion as Meta’s HQ will add more to Dubai’s existing cryptocurrency portfolio by strengthening new connections and establishing a community-driven experience that facilitates the exchange of valuable knowledge and insights.
“By extending the resources of VARA to an audience through the digital world, Dubai is developing a prototype of a Decentralised Regulator Model and has invited thought leaders from across the globe. They include governance custodians, industry shapers, and global authorities that will share knowledge and solve problems together so that we can enable the crypto sector to accelerate social inclusion, build economic resilience, accelerate social inclusion, and address the issue of environmental sustainability,” the PR stated.
Crypto Companies To Share Ideas In Meta HQ
VARA has yet to define what function Meta HQ will have in Sandbox. According to the report, Meta’s HQ would act as “a major route to engage providers of crypto assets companies throughout the world. This will give way to launch applications, enable younger licensees to join the metaverse, freely share experiences and knowledge with peer regulators and consumers to increase awareness, facilitate safe adoption, and push global interoperability.”
The Director-General of Dubai’s WTCA (World Trade Center Authority), Helal Saeed Almarri, went on to say that: “Dubai considers the digital asset sector a key driver of the world’s future economy.” Moreover, by establishing a headquarter for VARA, the UAE becomes the first country to participate in this platform, showing our leadership’s desire to handle a borderless market that will enable economic equality.
The Sandbox virtual platform continues to create new partnerships in order to grow and expand its operations. Recent collaborations with cryptocurrency hardware wallet company, Ledger, have helped to accelerate cryptocurrency education throughout the Metaverse.