The government of Dubai is not slowing down its efforts to promote the development of the local crypto industry and its appeal to crypto enthusiasts. On May 03, The Dubai Virtual Assets Regulatory Authority (VARA) announced the purchase of a piece of land in The Sandbox metaverse, meant for the development of virtual headquarters.
According to an official statement, the VARA is stepping into the Metaverse to reach a “borderless audience,” while also improving social inclusion and environmental sustainability by using fewer physical resources to manage its activities.
In addition, VARA’s MetaHQ will serve as the main channel to share experiences and information with all developers, younger people, and players who frequent the Metaverse, thus enabling “secure adoption” to drive global interoperability.
VARA is the first government authority to invest in the Metaverse
Dubai is known not only for tourism but for technological innovation. And this announcement is just another example. VARA would become the first regulator to purchase land in the Metaverse, making history in the crypto industry.
Hamdan bin Mohammed al Maktoum, Prince of Dubai and Prime Minister of the United Arab Emirates, said that by expanding VARA’s resources, the country would be in a position to reach out to all users in the Metaverse. He also invited all authorities around the world to participate and exchange ideas to build a better global economy through the use of virtual assets.
“Dubai is creating a prototype Decentralized Regulator Model, inviting international thought leaders – global authorities, governance custodians, and industry shapers – to participate, exchange knowledge, and problem-solve collectively so that we enable the dynamic virtual assets sector to build economic resilience, accelerate social inclusion, and address environmental sustainability.”
This new foray into the Metaverse will accelerate Dubai’s GDP
Helal Saeed Almarri, Director-General of the Dubai World Trade Center Authority, said that Dubai views the virtual asset industry as the driver of the future global economy. The diplomat added that this new move is coming at a “crucial time” in response to the expansion of the “incredibly sophisticated and modern legal framework” that Dubai is deploying to regulate the cryptocurrency ecosystem as a whole.
Helal Saeed Almarri further noted that the acquisition of land in The Sandbox is a sign of their confidence in this burgeoning industry, which they hope to grow in adoption until it becomes a bridge to securely and responsibly attract new investors and consumers.
“As the first niche regulator for the VA sector globally, VARA’s Metaverse HQ also makes the UAE the first jurisdiction to enter this platform.”
As reported by CryptoPotato recently, Dubai continues to strive to become a globally recognized crypto-friendly nation. A goal that is not far off considering that they are currently home to a large number of crypto projects.