Dubai regulator to open office in The Sandbox metaverse

Dubai’s Virtual Assets Regulatory Authority has announced the opening of its headquarters in the The Sandbox metaverse.

Dubai’s Virtual Assets Regulatory Authority becomes world’s first regulator to make its debut in #Metaverse#WamNews https://t.co/qWUTSwvUjT pic.twitter.com/SoGth4nnpF

— WAM English (@WAMNEWS_ENG) May 3, 2022

The Virtual Assets Regulation Authority (VARA) said it would become the emirate’s first government body and a global regulator with a presence in the virtual world.

The department explained the move as an effort to increase the accessibility of its services, and to facilitate cooperation among cryptocurrency service providers, industry leaders, and supervisory authorities.

In March, Dubai authorities enacted a virtual assets law and established VARA.

«Dubai regards the virtual assets sector as a driver of the future global economy. VARA was created at a turning point in response to the expansion of the emirate’s incredibly complex and modern legal framework regulating activity in the industry», — said Helal Saeed Almarri, head of the Dubai World Trade Centre Authority.

In his words, the regulator’s foray into the metaverse contributes to the creation of a borderless new market that provides sustainable economic freedom.

«Acquiring VARA land in The Sandbox symbolises our belief in this sector, and it is the government’s duty to serve as a bridge that allows investors and consumers to safely adopt and jointly scale this economy», — added him.

Earlier, after the regulation was enacted, Dubai granted licenses to major bitcoin exchanges such as FTX and Binance.

In May, the crypto hedge fund Three Arrows Capital announced its relocation to the emirate from Singapore.