The Dubai Virtual Asset Regulatory Authority is the first regulatory authority in the world to enter the world of metavirs

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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 thinking 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 of the Emirate of Dubai, on the occasion of the launch of the headquarters of the Dubai Virtual Assets Regulatory Authority on Metaverse: “Dubai has been and is still a pioneer in keeping up with all modern technological changes and even contributing to make the future of these technologies .. and today the first government authority in the Emirate of Dubai is located in the world of metavirs to a new stage launching our government, regulatory and oversight services to an open and cross-border audience through modern future tools, where the Dubai Virtual Assets Regulatory Authority works to build a new economic sector that serves our national economy and contributes to the provision of investment and economic opportunities for traders by providing safe and sustainable regulatory solutions, and today, deu r the presence of 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 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.

In turn, HE 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. The Dubai Virtual Asset Regulatory Authority was established at a crucial moment in response to the expansion of the emirate’s modern and highly developed legal framework, which regulates activities related to virtual assets.As the first specialized regulator in the virtual asset sector in the world, the presence of the Dubai Virtual Assets Regulatory Authority headquarters at Metaverse makes the UAE the first judicial authority to enter this virtual world, reflecting the aspirations of the rational leadership to establish a new market Borderless guarantees sustainable economic freedom.

He added, “Having the Dubai Authority regulate the virtual assets 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. enabling investors and consumers to enter this 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 the development of experiences between various regulators around the world, so that the international community can benefit from the virtual economy that can expand safely and sustainably. ”


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