The Dubai Virtual Assets Regulatory Authority (VARA) has announced that it will create a metaverse headquarters in the virtual world The Sandbox. The virtual headquarters will be called “MetaHQ” and will be based at an unknown location in The Sandbox virtual world.
The launch of ‘MetaHQ’ is part of Dubai’s attempts to become a virtual asset hub.
In a statement to WAM news agency, the Crown Prince of Dubai and Chairman of the Dubai Executive Council, Sheikh Hamdan bin Rashid Al Maktoum said:
“Our presence in the metaverse…marks the beginning of a new phase in the Government of Dubai’s march into the future; one that will have a long-term positive impact.
The role of “MetaHQ”
The VARA did not provide many details on the actual role of MetaHQ.
The VARA however stated that the virtual seat:
“serve as the main channel to engage [Virtual Asset Service Providers] around the world to launch applications, enable young licensees [to] enter the metaverse, openly share knowledge and experiences with peer consumers and regulators to raise awareness, enable safe adoption, and drive global interoperability.
The development shows how quickly Dubai is transforming into a crypto hub following the launch of VARA in early March. VARA was created to help advance the legal framework and regulatory system for virtual assets in the United Arab Emirates and specifically in Dubai.
Among other things, crypto businesses wishing to operate in the UAE must obtain a crypto license from VARA. The VARA has also been given the duty to regulate the activities of asset managers and custodians within the crypto space in the UAE.