The Metaverse is a relatively new concept that has swept the globe. Dubai’s Crown Prince, Sheikh Hamdan bin Mohammed, applauds the Emirate’s brave initiative to employ modern technologies to expand its services throughout. The Virtual Assets Regulatory Authority (VARA) of Dubai has confirmed its debut in the Metaverse. It is inaction by establishing a MetaHQ in ‘The Sandbox,’ a dynamic virtual reality.
What Is MetaHq?
MetaHQ will be the main point of contact for global virtual asset service providers. It will be a helpful resource to launch applications, welcome new licensees, and share experiences. MetaHQ will also promote global interconnection, according to the company.
The Sandbox platform, supported by Japanese financial company SoftBank lets users generate, trade, and acquire digital assets. This is the sole platform that Vara’s MetaHQ will utilise for further operations. The dynamic virtual assets industry will be able to generate economic resilience and promote social inclusion. It will also participate to solve environmental sustainability, according to Vara’s MetaHQ.
Today, Dubai’s Virtual Assets Regulatory Authority (VARA) made its debut in the Metaverse with the establishment of its Metaverse headquarters in the dynamic virtual world of ‘The Sandbox’. The initiative creates a new model to manage and expand Dubai’s government operations
— Hamdan bin Mohammed (@HamdanMohammed) May 3, 2022
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What Is VARA?
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai established on March 9th, under the Dubai Virtual Asset Regulation Statute. It was the Emirate’s first virtual asset regulation law. To support responsible business expansion in the Emirate, the body aspires to build a sophisticated legal framework. It was to ensure to safeguard investors and offer global standards for virtual asset industry regulation.
Beyond gaming and VASPs, VARA brings together private sector players, inventors, and market-makers in ICT. Some are also from the Financial and Professional services, Lifestyle, Entertainment, and FMCG. VARA MetaHQ will be the primary conduit. The VASPs throughout the world will be able to launch applications and allow younger licensees to access the metaverse. Additional firms are capitalising on the promise of these new-age technologies by inventing more use cases to simplify economic and societal processes.
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