The Dubai Digital Assets Regulatory Authority (VARA) is entering the metaverse of The Sandbox (SAND). In this process, VARA becomes the first regulatory body to establish a headquarters in this ecosystem. His goal? Be accessible to industry players and facilitate partnerships with digital asset service providers.
Dubai: the regulator in the metaverse The Sandbox
Dubai Digital Assets Regulatory Authority (VARA) signaled his entry into the metaverse of establishment of a seat in the universe of The sandbox (SAND).
The goal is to be able to be accessible to industry players and to facilitate collaborations between cryptocurrency platforms.
VARA was recently created to provide a secure and progressive framework for the digital asset industry.
Indeed, the aim is to ensure the evolution of the ecosystem while protecting the market and investors.
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Speaking at the inauguration, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, said:
“We are not only an early adopter, but have also become an innovator and participant shaping the future of this technology. Today, VARA joins the metaverse to become Dubai’s premier government authority – and the metaverse – ushering in a new era in which the Dubai government uses modern innovations to extend its services and regulatory power to the public in an open technological expanse, without limitations or boundaries. »
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The metaverse, a new way of dealing with regulation?
Despite announcing the location of a seat in The Sandbox, the regulator has not yet disclosed the location.
However, this initiative can be seen as a new way of interacting between regulation and the players in this ecosystem. In this sense, Sheikh Hamdan added:
” By extending VARA’s resources to a limitless audience through the metaverse, Dubai is creating a prototype of a decentralized regulatory model, inviting international opinion leaders – global authorities, custodians and industry shapers – to participate, exchange knowledge. and jointly solve problems to enable the dynamic virtual asset sector to build economic resilience, accelerate social inclusion and ensure environmental sustainability. »
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Sources: Account Twitter from The Sandbox and news agency WAM.
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