News

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

0

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

Source: Emirates News Agency.

SANDUSD up +3.08%, BTCUSD down -0.51%

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.

fxcoach

Eurozone Industrial Producer Prices Jump by 5.3% in March, More Than Expected

Previous article

ApeCoin Integrates with Polygon After Otherdeeds Minting Incident

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in News