Dubai's Virtual Assets Regulatory Authority opens headquarters in The Sandbox

Dubai's Virtual Assets Regulatory Authority (VARA) has announced that it will set up a Metaverse headquarters in the virtual world of The Sandbox. The virtual headquarters is referred to as "MetaHQ" and is located in an unknown location in the virtual world of The Sandbox.

The launch of "MetaHQ" is part of Dubai's efforts to become a hub for virtual assets.

In a statement to WAM news agency, the Crown Prince of Dubai and Chairperson 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 into the future; one that will have a positive long-term impact.”

The role of the "MetaHQ"

VARA has not provided many details about the MetaHQ's actual role.

However, she said that the virtual headquarters:

"Serves as the primary channel to engage [virtual wealth providers] around the world to initiate applications, allow younger licensees to enter the metaverse, openly share knowledge and experiences with consumers and other regulators to raise awareness, enable secure adoption and drive global interoperability.”

The development shows how quickly Dubai is developing into a crypto hub after the launch of VARA in early March. VARA was established to advance the legal framework and regulatory regime for virtual assets in the United Arab Emirates and Dubai in particular.

Among other things, crypto companies wishing to operate in the UAE must obtain a crypto license from the VARA. The VARA has also been given the task of regulating the activities of asset managers and custodians within the crypto space in the UAE.

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