Dubai’s regulator will open more offices in the Sandbox metaverse space as we are seeing more in our latest cryptocurrency news.
The Governemnt of Dubai is not planning on slowing down in its efforts to promote the development of the local industry and appeal to crypto enthusiasts. Dubai’s regulator announced the purchase of virtual land in the Sandbox metaverse which is meant for the development of virtual headquarters. According to the official statements, the VARA is stepping into the Metaverse to reach a “borderless audience” while improving social inclusion and being environmental sustainability by using fewer physical resources to manage the activities. VARA’s MetaHQ will serve as the main channel to share experiences with the developers, and players in the metaverse and enable secure adoption to drive glboal interoperability.
Dubai is known for tourism but also for technological innovation. This announcement is another example and it will become the first regulator to buy land in the Metaverse which will make history in the crypto industry. Hamdan bin Mohammed al Maktoum who is the Prince of Dubai and Prime Minister of the UAE said that by expanding resources, the country will be in a good position to reach out to the users in the Metaverse. He invited all authorities around the world to take part and exchange ideas to build a better global economy by using virtual assets:
“Dubai is creating a prototype Decentralized Regulator Model, inviting international thought leaders – global authorities, governance custodians, and industry shapers – to participate, exchange knowledge, and problem-solve collectively so that we enable the dynamic virtual assets sector to build economic resilience, accelerate social and inclusion, and address environmental sustainability.”
Helal Saeed Almarri the Director-General of the Dubai World Trade Center Authority said that Dubai sees the virtual asset industry as the driver of the future global economy. The diplomat added the new move is coming at a crucial time in response to the expansion of the sophisticated and modern legal framework that the country is deploying to regulate the crypto ecosystem. He noted that the acquisition of Land in the Sandbox is a huge sign of their confidence in this industry whcih they hope to grow in adoption until it becomes a bridge to responsibly attract more investors:
“As the first niche regulator for the VA sector globally, VARA’s Metaverse HQ also makes the UAE the first jurisdiction to enter this platform.”
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