Dubai’s Virtual Assets Regulator to Set Metaverse Headquarters, Partners The Sandbox

With this launch, VARA is aiming at driving Web3 adoption further on a global level.

Dubai’s Virtual Assets Regulator to Set Metaverse Headquarters, Partners The Sandbox

Photo Credit: Pixabay/ Danor Aharon

The location of VARA’s virtual office in The Sandbox remains undisclosed

Highlights
  • Name of VARA’s virtual office is ‘MetaHQ’
  • Metaverse to reach $800 billion opportunity by 2024
  • UAE continues to show welcoming approach towards Web3

Dubai's newly established Virtual Assets Regulatory Authority (VARA) has officially begun work on its metaverse presence. Having partnered with metaverse player The Sandbox, VARA has disclosed plans of creating a virtual headquarter in the digital world. This VARA office in The Sandbox has been named ‘MetaHQ'. With this launch, VARA is aiming at driving Web3 adoption further on a global level. As of now, the Dubai authority has not disclosed many details about the MetaHQ. Its location in The Sandbox world also remains unknown at present.

VARA will become the world's first crypto regulator to mark its presence in the metaverse.

"By expanding VARA's resources to a borderless audience through the metaverse, Dubai is creating a prototype Decentralised Regulator Model, inviting international thought leaders - global authorities, governance custodians, and industry shapers to participate, exchange knowledge, and problem-solve collectively,” said H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of Dubai Executive Council.

VARA's virtual office will serve as an active avenue for authorities to engage with virtual asset services providers from around the world.

The regulator aims to “initiate applications, enable younger licensees [to] enter the metaverse, openly share knowledge and experiences with consumers and peer regulators to raise awareness, enable safe adoption, and drive global interoperability.”

Bloomberg Intelligence had recently reported the market opportunity for the metaverse to reach $800 billion (roughly Rs. 59,58,719 crore) by 2024.

Barbados, the tiny Caribbean Island nation, is working to establish a digital embassy in the metaverse.

Last month, UAE's Emirates Airlines announced its entry into the metaverse and non-fungible token (NFT) sectors.


Xiaomi 12 Pro is littered with features, but is that enough? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More
Facebook-Owner Meta Opens Access to Large Language Model for AI Research
Read in: हिंदी
Share on Facebook Tweet Snapchat Share Reddit Comment

Advertisement

Advertisement

© Copyright Red Pixels Ventures Limited 2022. All rights reserved.