Dubai Virtual Asset Regulatory Authority “VARA” will open a virtual office in Metaverse “Sandbox”
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Answer Dubai Virtual Asset Regulatory Authority “VARA” will open a virtual office in Metaverse “Sandbox”
The Dubai government continues its relentless efforts towards the crypto, blockchain and new technologies market.
On May 3, Dubai’s Virtual Asset Regulatory Authority (VARA) announced the purchase of a plot of land in Metaverse Sandbox, intended for the development of a virtual headquarters.
According for an official statementVARA takes its step towards Metaverse to reach an audience without borders, while improving social inclusion and environmental sustainability by using fewer material resources to run its activities.
In addition, VARA’s MetaHQ will serve as a main channel for exchanging experiences and information with all developers and youth who frequent metaverses, thus enabling secure adoption to drive global interoperability.
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VARA is the first government entity to invest in Metaverse:
Dubai is famous not only for tourism but for technological innovation.
This announcement is just another example of the UAE government’s efforts to keep up.
VARA will become the first regulator to buy land in Metaverse, making history in the cryptocurrency industry.
Hamdan bin Mohammed Al Maktoum, Emir of Dubai and Prime Minister of the United Arab Emirates, stated:
By expanding VARA’s resources, the country will be in a position to reach all users of Metaverse.
He also called on all authorities around the world to participate and share ideas to build a better global economy through the use of virtual assets.
Dubai is creating a prototype for a decentralized entrepreneur model, inviting international thought leaders to global authorities, governance custodians, and makers to share, share knowledge and collectively solve problems so that we can enable a dynamic virtual asset sector to build economic resilience, accelerate social inclusion, and address environmental sustainability.
As we previously reported in Bitcoin Arabs, Dubai continues its quest to become a globally recognized crypto-friendly country.
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It is a goal that is not out of reach for it especially given that it is home to a large number of crypto projects.
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