Dubai’s VARA becomes World’s First-Ever Crypto Regulator to Enter Metaverse

Dubai’s Virtual Regulatory Authority (VARA) revealed plans to establish a metaverse headquarters in The Sandbox virtual world.

Source: Emirates News Agency.

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Sheikh Hamdan bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, stated that their presence in the metaverse signals the start of a new phase in the Dubai government’s progress for the future.

The authority has disclosed few details about what the role of its MetaHQ would be, even though it would act as its primary channel to change VASPs across the globe to initiate applications.

VARA was launched at the start of March to establish an advanced legal framework and regulatory system for virtual assets in Dubai and the rest of the UAE.

Firms seeking to operate in the UAE must not only have an existing business presence in the country, but also get a crypto license from VARA.