Dubai’s crypto regulator to create a HQ in The Sandbox metaverse

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VARA is a virtual assets regulatory authority that was established in Dubai in early March. Its purpose was to be used to regulate virtual assets and their framework, activities of digital assets owners like Bitcoin and other cryptocurrencies in the digital space and not just in Dubai but the whole of UAE. One of the major rules imposed by VARA is that, before you can have a crypto or any digital business in the country, you must a license from the regulatory body.

Recently, the regulatory body VARA has announced that they want to also take their presence to the virtual world by opening a metaverse headquarters there and they choose The Sandbox. If the regulatory body successfully opens a metaverse headquarter, it will be the first regulatory body to do so and they also plan to collaborate with other virtual asset service providers and regulatory authorities internationally.

The regulatory body VARA moving to The Sandbox metaverse is to make everyone be able to access the regulatory body in the virtual space if they can’t in real-time, however, but the location for the headquarter hasn’t been disclosed. Will this serve as a momentum for other regulatory and licensing bodies to move into the metaverse? If they do, it might become easy for them to share their knowledge and global interoperability.

For quite some time, the whole of UAE, not just Dubai has been on the verge of adopting crypto and its industry as part of their legal tender and also in creating a clear legislative framework in which the crypto industry can operate freely, they used it to show or prove that their country as accepted it and are friendly towards the use of cryptocurrency.

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