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One of Dubai’s regulators has bought its first land in the metaverse to open virtual offices.
The Dubai government continues to work for the development of the local crypto industry.
Dubai Virtual Assets Regulatory Authority (VARA) announced that it has acquired a land in The Sandbox metaverse.
VARA is stepping into the Metaverse to reach an “unlimited audience” while promoting social inclusion and environmental sustainability using fewer physical resources to manage its operations.
VARA’s MetaHQ will be a channel to share experiences and knowledge with all developers, youth and players using Metaverse.
VARA becomes the first government official to invest in Metaverse.
VARA will be the first regulator to buy land in the Metaverse, breaking new ground.
Hamdan bin Mohammed al Maktoum, Prince of Dubai and Prime Minister of the United Arab Emirates, said they will expand VARA’s resources. He also said that with the use of virtual assets, they will become a big part of the global economy.
Dubai is creating a prototype of a Decentralized Regulatory Model by inviting international thought leaders – global officials, governance officers and industry shapers – to participate, exchange knowledge and collectively solve problems, thereby enabling the dynamic virtual assets sector to build economic resilience, accelerate social inclusion and addressing environmental sustainability.
These developments will accelerate Dubai’s GDP.
Halal Saeed Almarri, Managing Director of Dubai World Trade Center Authority, said that Dubai will become a World giant in the virtual asset industry. He said they will expand the crypto ecosystem by expanding the laws.
Halal Saeed Almarri also stated that buying land in The Sandbox is a big step in gaining the trust of investors and attracting them.
“As the first niche regulator globally for the VA sector, VARA’s Metaverse HQ also makes the UAE the first jurisdiction to enter this platform.”
Dubai hosts a large number of crypto projects. Dubai continues its efforts to become a globally recognized crypto-friendly country.