The Dubai Digital Assets Regulatory Authority (VARA) is making its debut in The Sandbox (SAND) metaverse. In doing so, VARA becomes the first regulatory authority to establish a seat in this ecosystem. Its objective? To be accessible to industry players and facilitate collaborations with digital asset service providers.
Dubai: the regulator in The Sandbox metaverse
The Digital Assets Regulatory Authority (VARA) of Dubai has indicated its entry into the metaverse with the establishment of a headquarters in The Sandbox (SAND) universe.
The aim is to be accessible to industry players and facilitate collaborations between cryptocurrency platforms.
VARA was recently created to provide a safe and progressive framework for the digital asset sector.
Indeed, its goal is to be able to ensure the evolution of the ecosystem while protecting the market and investors.
At the inauguration, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, said:
“We have moved beyond the role of early adopter to become an innovator and participant in shaping the future of this technology. Today, VARA joins the metaverse to become the first government authority in Dubai – and the metaverse – ushering in a new era in which the government of Dubai uses modern innovations, to extend its services and regulatory power to audiences in an open technological expanse, without constraints or borders.”
The metaverse, a new way to interact with regulation?
Despite the announcement of a headquarters in The Sandbox, the regulator has not yet revealed its location.
However, this initiative can be seen as a new way of interaction between the regulation and the actors of this ecosystem. In this sense, Sheikh Hamdan added:
“By extending VARA’s resources to a borderless audience through the metaverse, Dubai is creating a prototype of a decentralized regulator model, inviting international thought leaders – global authorities, governance gatekeepers, and industry shapers – to participate, share knowledge, and solve problems collectively to enable the dynamic virtual asset sector to build economic resilience, accelerate social inclusion, and ensure environmental sustainability.”