Dubai will always be part of the future and a major driver of its new technology

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His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, confirmed that Dubai was and still is a pioneer in keeping up with all modern technological changes, but rather contributing to the future of this to make technologies. .

It came on the occasion of His Highness’ announcement yesterday to introduce the headquarters of the world’s first government regulatory authority in the world of metavirs, through a full headquarters for the Dubai Virtual Asset Regulatory Authority in “The Sandbox” to establish. the fastest growing virtual world, indicating that this headquarters “is a new model for running and expanding our state-owned business.”

His Highness said: “Today there is the first government authority in the Emirate of Dubai in the world of metavirs to embark on 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 works to build a new economic sector that serves our national economy and contributes to providing investment and economic opportunities for clients by providing secure and sustainable regulatory solutions, and today, through the presence “From this authority in the world of metavirs, we are embarking on a new historical and technical phase in the Dubai Government’s path that will have a positive impact 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 engage, share knowledge and jointly solve problems, in order to enable the virtual asset sector to gain economic resilience and expand its social scope, and its contribution to achieving environmental sustainability.

His Highness said in tweets on Twitter: “Today we announce the launch of the headquarters of the first government regulatory authority in the world in the world of metavirs … by a full headquarters for the Dubai Virtual Asset Regulatory Authority in The Sandbox to establish the fastest growing virtual world … a new model for managing virtual assets. ” and expanding our government business. His Highness added: “The presence of the Dubai Virtual Assets Regulatory Authority in the world of metavirs will serve to provide our regulatory and supervisory services to a wide audience that transcends borders and with reliable future technologies. The Dubai government will always share be of the future and a driving force for its new technology. “

Consolidation and Empowerment

The Dubai Virtual Asset Regulatory Authority has announced its entry into Metaverse, and the establishment of its virtual world headquarters, “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 thinking leaders in the Virtual Assets sector, 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.

leaders change

Due to its clear commitment to enable the freedom to engage in economic activities in metaverse, the Dubai Virtual Asset Regulatory Authority joins the Dubai Virtual Assets Regulatory Authority by entering the world of metaverse with leaders of change in the private sector and innovators in the information and communication technology, financial and professional services sectors, in addition to entertainment and consumer goods, and beyond what is expected of the world Games and Virtual Asset Providers, VARA MetaHQ will be the primary channel for the government’s Collaborate with virtual asset service providers around the world to open the door to new orders, enable younger licensees to enter the metaverse world, and share knowledge and experience with consumers and peer regulators to raise standard awareness, enable secure acceptance and drive global interoperability.

In turn, Helal Saeed Al Marri, Director-General of the Dubai World Trade Center Authority, said: “Dubai’s virtual asset sector is a major driver of the global economy in the future. The Dubai Virtual Asset Regulatory Authority is on a crucial moment, in response to the expansion of the emirate’s modern and highly developed legal framework governing virtual asset activities, as the world’s first specialized regulator in the virtual asset sector, the presence of Dubai’s headquarters Virtual Assets Regulatory Authority in Metaverse makes the United Arab Emirates the first judicial authority to enter this virtual world, reflecting the aspirations of the wise leadership to establish a new market without Borders that guarantees sustainable economic freedom.

He added: “The Dubai Virtual Asset Regulatory Authority’s ownership of the land in The Sand Box symbolizes our faith in this sector, and the responsibility lies with us as a government to be the bridge that enables investors and consumers to to enter this sector safely, and work together to develop the economy … In addition to achieving immediate economic benefit, and to accelerate the growth of Dubai’s Emirate’s GDP, the Dubai Virtual Asset Regulatory Authority believes it the first step is towards joint learning and the development of experiences between various regulators around the world, so that the international community can benefit from the virtual economy, which can now expand safely and sustainably. ”

“The Sandbox”

The Sandbox, founded in 2011, is rapidly gaining popularity and has become the leading platform for acquiring plots of land in metaverse. It has been downloaded more than 4 million times worldwide and has received a $ 93 million investment from SoftBank. Each Metaverse yard is a virtual space to buy, sell, create and exchange digital assets using Ethereum blockchain technology.

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