The Capital of Virtual Assets | Dubai to establish metaverse headquarters and the world's first metaverse regulatory agency

The Dubai Virtual Assets Regulatory Authority (VARA) announced the regulation of the metaverse and the establishment of MetaHQ within the virtual world sandbox.

This policy reflects Dubai's belief that virtual assets will be an essential part of the future digital economy, and it is prepared to make the UAE the world's capital of virtual assets, maintaining Dubai's leading position.

The Dubai Virtual Assets Regulatory Authority aims to provide a secure and progressive operational framework for the Virtual Assets (VA) sector, enabling it to continuously develop products and underlying technologies while safeguarding the market and investors.

Dubai Crown Prince and Chairman of the Dubai Executive Council, Rashid Al Maktoum, stated at the unveiling of the Metaverse Sandbox that Dubai remains at the forefront of technological transformation, with VARA joining the Metaverse, becoming the first government entity in Dubai and the Metaverse, pioneering Dubai's government utilization of modern innovations to expand its service and regulatory powers in the open tech space for the people.

He noted that VARA represents the establishment of a new, robust economic sector that contributes to the national economy and creates new investment opportunities. Therefore, our presence in the Metaverse signifies Dubai's government marching towards the future.

To achieve economic freedom in the Metaverse, Dubai's Metaverse headquarters has created a decentralized regulatory model that allows stakeholders to share or exchange knowledge and collectively solve problems. The Metaverse headquarters will be a primary channel to attract global VASPs to launch applications, enabling young people to enter the Metaverse, share knowledge and experiences openly with consumers and regulatory bodies to enhance awareness, secure adoption, and drive global interoperability.

Helal Saeed Almarri, Director-General of the Dubai World Trade Centre Authority, stated that Dubai views the virtual asset industry as the driving force of the global future economy. As the first regulatory authority in the global virtual asset industry, Dubai's Virtual Assets Regulatory Authority's Metaverse headquarters also makes the UAE the first jurisdiction to enter this platform, "reflecting our leadership's achievement of a borderless new market for sustainable economic freedom."

This article is authorized and reprinted from Horizon News Network