The Dubai administration is making no concessions in its attempts to foster the growth of the local crypto business and its appeal to crypto aficionados. The Dubai Virtual Assets Regulatory Authority (VARA) stated on May 3 that it had purchased a plot of property in The Sandbox metaverse for the purpose of developing virtual headquarters.
The VARA is entering the Metaverse to reach a “borderless audience” while simultaneously promoting social inclusion and environmental sustainability by managing its activities with less physical resources, according to an official release.
In addition, VARA’s MetaHQ will act as the primary route for developers, younger people, and players who frequent the Metaverse to share their experiences and information, enabling “secure adoption” to encourage global interoperability.
Dubai is well-known for its technological advancements as well as its tourism. And this announcement is simply one more illustration. VARA would be the first regulator in the crypto business to own land in the Metaverse, making history.
The country would be able to reach out to all users in the Metaverse by boosting VARA’s resources, according to Hamdan bin Mohammed al Maktoum, Prince of Dubai and Prime Minister of the United Arab Emirates. He also asked all governments around the world to engage and share ideas on how to leverage virtual assets to develop a stronger global economy.
Dubai regards the virtual asset business as the driver of the future global economy, according to Helal Saeed Almarri, Director-General of the Dubai World Trade Center Authority. The new effort, according to the diplomat, comes at a “critical time” in reaction to Dubai’s growth of its “very smart and modern regulatory framework” for regulating the bitcoin ecosystem as a whole.
Dubai is working hard to establish itself as a crypto-friendly country around the world. Given that they are now home to a huge number of crypto projects, this is a goal that is not far off.
