Dubai’s Virtual Assets Regulatory Authority (VARA) will enter into the Metaverse with the establishment of its Metaverse HQ in the dynamic virtual world of ‘The Sandbox’.
VARA is the world’s first regulator to make its debut in the Metaverse and seeks to ensure that the regulator is accessible to its industry in its environment.
It includes facilitating collaborative engagement between global Virtual Asset Service Providers (VASPs), Industry Thought-leaders, and International Regulatory Authorities.
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.
Also, VARA is expected to regulate the governing principles of the services and activities, rather than the continually-evolving products and underlying technologies.
Dubai’s Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said, “VARA has been established as a mission-focused Regulator, to nurture and safely scale a rapidly decentralizing business landscape founded on four cornerstone principles”.
This includes- secure cross-border interoperability, informed investor adoption, market protection prioritization and responsible industry participation.
VARA joins private sector game-changers, innovators and market makers across ICT, Financial and Professional services, Lifestyle, Entertainment and FMCG beyond the world of gaming and VASPs to enable economic freedom in Metaverse.
VARA MetaHQ will serve as its primary channel to engage VASPs across the globe to initiate applications, enable younger licensees enter the metaverse.
It covers sharing knowledge and experiences with consumers and peer regulators to raise awareness, enable safe adoption, and drive global interoperability.