“The Sand Box” .. Dubai launches the first government headquarters in the world of Metaverse

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, today announced the launch of the headquarters of the world’s first government regulatory body in the world of metaviruses.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said in his tweets on the Twitter platform that this launch came through the establishment of a full headquarters for the Dubai Virtual Asset Regulatory Authority in “The Sandbox”, the fastest growing virtual world, considering that this step is a “new model for the management and expansion of our business.” governments “.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of the Emirate of Dubai, said at the launch of the headquarters of the Dubai Virtual Assets Regulatory Authority in Metaverse: “Dubai is and will continue to be 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 entering 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 the provision of opportunities And today, through the presence of this authority in the world of metaviruses, we begin a new historical and technical phase in the Dubai government’s path that will have positive effects in the long run, ”according to what the Emirates News Agency (WAM) reported.

He 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 Virtual Expanding Regulatory Authority to Reach a Cross-Border Hearing Through Metaverse, Dubai is Working to Establish a Prototype It also encourages thought leaders around the world, including international authorities, regulators, management stakeholders and business leaders to participate, share knowledge and solve problems collectively, in order to enable the virtual asset sector to gain economic resilience and expand its social reach, and its contribution to achieving environmental sustainability.

Safe framework

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.

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.

important engine

In turn, 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 on a key moment 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 headquartered at Metaverse, the UAE makes 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 to 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. ”

world of metaphysics

In the world of metaverse, users will be able to experience normal life in every detail, including going to work, attending concerts and other events, playing games, traveling and tourism, dating, working and shopping.

In other words, metaverse is not something you dive in and out of for half an hour at a time, no, it’s something that accompanies the user all day, it’s another world that goes along with normal days on the ground.

Metaverse is therefore an integrated network. It is a single service, but a group of services loosely linked together.

With the start of the commercial launch of the world of Metaverse, all commercial and service facilities, without exception, will have a presence in that world, expanding the scope of their services to consumers who will move to that world, in parallel with the real world.

According to official data, Meta has so far spent $ 10 billion on Metaverse technologies in 2021 alone; The company’s efforts include virtual reality devices, social virtual reality applications, and its bet on augmented reality portable.

And when Facebook was renamed, the fever swept through the big tech makers from Microsoft to Nvidia, just like every company that strives to get involved in the metavirus world.

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