His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, announced the entry of the Dubai Virtual Assets Regulatory Authority into the world of metavirs and emphasized that Dubai was and still is a pioneer in keeping up with all modern technological changes and even contribute to making the future of these technologies.
Sharjah 24 – WAM:
The Dubai Virtual Asset Regulatory Authority has announced its entry into Metaverse, and the establishment of its headquarters in the virtual world “The Sandbox”.
As the first regulator in the world to enter the world of metaverse, the Dubai Virtual Asset Regulatory Authority seeks to consolidate its presence in the virtual world, enabling the components of this sector to access its services in its digital technical environment acquired, in addition to facilitating collaboration between global virtual asset service providers and thought leaders In the virtual asset sector, the international regulatory authorities.
The Dubai Virtual Asset Regulatory Authority was established to provide a secure and advanced framework to enable the virtual asset sector to expand while ensuring the protection of the market and the investor.
This important step reflects the confidence of the Dubai Government that virtual assets are an integral part of the future digital economy, and confirms its readiness to consolidate the emirate’s position as the capital of virtual assets in the world.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of the Emirate of Dubai, announced on the occasion of the launch of the headquarters of the Dubai Virtual Assets Regulatory Authority on Metaverse that Dubai was and is still a pioneer in keeping up with all modern technological changes and even contributing to make the future of these technologies. Today, the first government authority in the Emirate of Dubai is located in the world of metavirs to mark a new phase in providing our government, regulatory and oversight services to an open and cross-border audience through modern future tools, as the Dubai Virtual Asset Regulatory Authority is building a new economic sector that serves our national economy and contributes to the provision of investment opportunities and economic traders by providing safe and sustainable regulatory solutions, and today, through the presence of this authority in the world of metavirs, we are embarking on a new technical historical stage in the path of the Dubai government that will have positive effects in the long run.
His Highness added, “The Dubai Virtual Asset Regulatory Authority has been established as a regulatory body aimed at providing support and secure expansion for this sector, which sees a rapid trend towards decentralization, and through the resources of the Dubai Expanding Virtual Asset Regulatory Authority To reach a cross-border audience through metaverse, Dubai is working to create a model that encourages thought leaders around the world, including international authorities, regulators, management stakeholders and business leaders to participate. , share knowledge and solve problems together, in order to enable the virtual asset sector to gain economic resilience and expand its social scope and its contribution to achieving environmental sustainability.
With its clear commitment to allowing the freedom to engage in economic activities in metaverse, the Dubai Virtual Asset Regulatory Authority joins the world of metaverse leaders of change in the private sector and innovators in the ICT sector , financial and professional services, in addition to entertainment and consumer goods, and beyond what is expected of The gaming world and virtual asset service providers, VARA MetaHQ will be the primary channel for the government’s collaboration with virtual asset service providers around the world to open the door create new orders, enable younger licensees to enter the world of metavirus, and share knowledge and experience with consumers and peer-regulators to raise awareness levels, enable secure adoption, and drive global interoperability.
His Excellency Helal Saeed Al Marri, Director General of the Dubai World Trade Center Authority, in turn explained that the Emirate of Dubai views the virtual asset sector as a major driver of the global economy in the future. Activities related to virtual assets, and as the first specialized regulator in the virtual asset sector in the world, the presence of the headquarters of the Dubai Virtual Assets Regulatory Authority on Metaverse makes the UAE the first judicial authority to enter this virtual world, which the aspirations of the wise leadership reflect to establish a new market without borders Ensure sustainable economic freedom.
Al Marri added that the Dubai Authority’s ownership of virtual assets to regulate the countries in “The Sand Box” symbolizes our faith in this sector, and the responsibility falls on our shoulders as a government to be the bridge that investors and enable consumers to enter it. sector safely, and work together to develop the economy, in addition to achieving a benefit.The Dubai Virtual Asset Regulatory Authority sees this as the first step towards joint learning and developing experiences between various regulators around the world, so that the international community can benefit from the virtual economy that can expand safely and sustainably.