Dubai – Mubasher: The Dubai Virtual Asset Regulatory Authority has announced its entry into Metaverse, and the establishment of its headquarters in the virtual world “The Sandbox.”“.
The Dubai Virtual Asset Regulatory Authority, as the first regulator in the world to enter the world of metaverse, 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, in addition to facilitating collaboration between global virtual asset service providers and thought leaders in the virtual assets sector, and international regulatory authorities, according to the Emirates News Agency “WAM”.
The Dubai Virtual Asset Regulatory Authority was established; To provide a secure and advanced framework to enable the virtual asset sector to expand, and at the same time, to ensure market and investor protection, the Authority expects to regulate the foundations and principles of the provision of services and activities rather than the continued introduction of core products and technologies.
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..
Dubai Crown Prince and Chairman of the Executive Council of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, said on the occasion of the launch of the headquarters of the Dubai Virtual Assets Regulatory Authority on Metavirus that Dubai was and still is a pioneer in keep up with all modern technological changes and even contribute to making the future of these technologies. .
The Crown Prince of Dubai added: “Today, the first government authority in the Emirate of Dubai is located in the world of metaviruses to begin a new phase in providing our government, regulatory and oversight services to an open and cross-border audience through modern futuristic tools. “
Sheikh Hamdan bin Mohammed bin Rashid pointed out that the Dubai Virtual Asset Regulatory Authority is building a new economic sector that serves the national economy and contributes to providing investment and economic opportunities for traders through secure and sustainable regulatory solutions. supply. New developments in the Dubai government’s path that will have positive consequences in the long run.
He explained that the Dubai Virtual Asset Regulatory Authority was established as a regulatory authority aimed at providing support and secure expansion for this sector, which sees a rapid trend towards decentralization and through the resources of the Dubai Virtual Assets Regulatory Authority to extend a cross-border audience through metavirs.
The Crown Prince of Dubai stressed that Dubai is developing a prototype for a decentralized regulatory framework, and is also working to bring to mind leaders around the world, including international authorities, regulatory bodies, those involved in governance and business leaders, encourage participation, share knowledge and solve problems together, in order to empower the sector Virtual assets through economic resilience, expanding its social reach and contributing to the achievement of environmental sustainability.
With its entry into the world of metaverse, the Dubai Virtual Asset Regulatory Authority joins the leaders of change in the private sector and innovators in the ICT sector, financial and professional services, as well as entertainment and consumer goods, and beyond what is expected of the world of games and virtual asset service providers.
The seat of power will be over metaphysicsVARA MetaHQ The primary channel for government collaboration with virtual asset service providers around the world to unlock new orders, enable younger licensees to enter the metaverse world, share knowledge and experiences with consumers and peer regulators to raise awareness levels, secure enable adoption and drive global interoperability.
In turn, Director-General of the Dubai World Trade Center Authority, Helal Saeed Al Marri, said that the Emirate of Dubai considers the virtual asset sector to be a major driver of the global economy in the future, pointing out that the Dubai Virtual Asset Regulatory Authority established at a crucial moment in response to the expansion of the emirate’s modern and highly developed legal framework, which organizes activities related to virtual assets.
Al-Marri indicates that the Dubai Virtual Assets Regulatory Authority, as the first specialized regulator in the virtual asset sector in the world, the presence of a headquarters for the Dubai Virtual Assets Regulatory Authority on metaverse makes the United Arab Emirates the first judicial authority to enter this virtual world, reflecting the aspirations of the leadership to establish a market that guarantees New Economic Boundaries sustainable economic freedom.
He continued, “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 which enables investors and consumers to enter this sector safely, and work together to develop the economy. “
The Director General of the Dubai World Trade Center Authority has indicated that in addition to achieving a direct economic benefit and GDP growth from the Emirate of Dubai, the Dubai Virtual Asset Regulatory Authority believes that this is the first step towards of joint learning and experiences between different regulators around the world so that the different regulators around the world can The international community can benefit from a virtual economy that can expand safely and sustainably.
On March 9, the ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, revealed that the Emirate of Dubai had adopted its first laws to regulate virtual assets and set up a regulatory authority to oversee the sector’s work..
In October 2021, the Dubai Financial Services Authority launched the first phase of its digital asset management regulatory framework and this week held consultations on the regulation of cryptocurrencies, which include cryptocurrencies..
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