Dubai’s Virtual Assets Regulatory Authority (VARA) has announced that it shall create a metaverse headquarters in The Sandbox virtual world. The virtual headquarters shall be referred to as “MetaHQ” and shall be based at an unknown location within The Sandbox virtual world.
The launch of “MetaHQ” is part of Dubai’s attempts to become a virtual asset hub.
In a statement to WAM news agency, the Crown Prince of Dubai and Chairman of the Dubai Executive Council, Sheikh Hamdan bin Rashid Al Maktoum, said:
“Our presence in the metaverse… marks the beginning of a new phase in the Dubai government’s march for the future; one that will have a positive impact in the long run.”
The role of the “MetaHQ”
The VARA has not provided a lot of details about the actual role of the MetaHQ.
The VARA however said that the virtual headquarters would:
“serve as its primary channel to engage [Virtual Asset Service Providers] across the globe to initiate applications, enable younger licensees [to] enter the metaverse, openly share knowledge and experiences with consumers and peer regulators to raise awareness, enable safe adoption, and drive global interoperability.”
The development shows how fast Dubai is turning into a crypto hub after the VARA was launched at the beginning of March. VARA was created to aid in advancing the legal framework and regulatory system of virtual assets in the UAE and specifically in Dubai.
Among other things, crypto firms wishing to operate in the UAE must obtain a crypto license from the VARA. The VARA was also assigned the duty of regulating the activities of asset managers and custodians within the crypto space in the UAE.