The Dubai government is making no compromises in its attempts to foster the growth of the local crypto business and its attraction to crypto admirers.
The Dubai Virtual Assets Regulatory Authority (VARA) announced on May 3 that it has purchased a plot of property in The Sandbox metaverse for the establishment of virtual headquarters. VARA intends to guarantee that the regulator is available to its sector in their environment and to enhance collaborative engagement between global Virtual Asset Service Providers (VASPs), Industry Thought-Leaders, and International Regulatory Authorities as the world’s first regulator to make its debut in the Metaverse.
VARA expects to regulate the governing principles of the services and activities, rather than the constantly-evolving products and underlying technologies, as it was created to provide a secure and progressive operating framework for the virtual asset (VA) sector to scale while assuring market and investor protection. This daring action underscores the Dubai government’s belief that virtual assets will be critical to the future digital economy, as well as its willingness to establish Dubai as the world’s Virtual Assets Capital.
Dubai World Trade Center Authority Director-General Helal Saeed Almarri stated that the virtual asset market is the future global economy’s accelerator. The latest action, according to the diplomat, comes at a “critical time” in response to the growth of Dubai’s “very sophisticated and contemporary regulatory structure” for regulating the whole cryptocurrency ecosystem.
Helal Saeed Almarri went on to say that buying land in The Sandbox is a demonstration of their faith in the nascent sector, which they aim to see expand in popularity until it becomes a secure and responsible way to attract new investors and customers.
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