Dubai Virtual Asset Regulatory Authority is the first regulatory authority in the world to enter Metaverse

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 and enable 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, and 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 market and investor protection.

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 willingness 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, said at the launch of the Dubai Virtual Assets Regulatory Authority headquarters in Metaverse: “Dubai was and continues to be a pioneering to keep up with all modern technological changes and even contribute to make the future of these technologies, Today, the first government authority in the Emirate of Dubai is located in the world of metaverse to a new stage in the provision of start our government, regulatory and oversight services to an open and cross-border audience through modern future tools as the Dubai Virtual Asset Regulatory Authority works to build a new economic sector that serves our national economy and contributes to the provision of investment and economic opportunities to customers through secure and sustainable regulatory solutions, and today, through the presence of “this authority in the world of metavirs, we are entering 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 is witnessing a rapid trend towards decentralization. It also encourages thought leaders around the world including international authorities, regulators, management stakeholders and business leaders to participate, share knowledge and jointly solve problems, in order to enable the virtual asset sector to gain economic resilience and expand its social scope and contribution to achieve environmental sustainability.

Due to its clear commitment to enabling the freedom to engage in metaverse economic activities, the Dubai Virtual Asset Regulatory Authority joins the leaders of change in the private sector and innovators in the information and communication technology sector , financial and professional services. 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 to new orders, which makes younger people possible. licensees to enter the metavirus world, and share knowledge and experience with consumers and peer regulators to raise awareness, enable safe adoption, and drive global interoperability.

Helal Saeed Al Marri, Director-General of the Dubai World Trade Center Authority, said: “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 ‘virtual asset regulator in the world’s asset sector, the presence of the Dubai Virtual Assets Regulatory Authority’s headquarters on Metaverse makes the UAE the first judicial authority to enter this virtual world, reflecting the aspirations of wise leadership to’ establishing a new market without borders guarantees sustainable economic freedom.

He added, “The Dubai Authority’s ownership of the virtual assets regulation of the land 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 enables consumers to enter this sector safely, and work together to develop the economy, in addition to achieving economic benefit.To direct and accelerate the GDP growth of the Emirate of Dubai, see the Dubai Virtual Asset Regulatory Authority sees this as the first step towards collaborative learning and the development of experiences between various regulators around the world, so that the international community can benefit from the virtual economy that can now expand safely and sustainably. ”

Leave a Comment