The Dubai virtual assets regulator, the Virtual Assets Regulatory Authority (VARA), has established its metaverse headquarters in The Sandbox virtual world.
The regulator said it hopes to make itself accessible to all stakeholders.
The regulator said its objective for setting up the metaverse HQ is to ensure VARA “is accessible to its industry in their environment.”
The Dubai regulator is signaling a willingness to make the Emirate “the world’s Virtual Assets Capital.”
Helal Saeed Almarri, the director-general at the Dubai World Trade Center Authority, said: “As the first niche regulator for the VA [virtual assets] sector globally, VARA’s Metaverse HQ also makes the UAE the first jurisdiction to enter this platform, reflecting our leadership’s aspiration to facilitate a borderless new market enabling sustainable economic freedom.”