"The World's First Metaverse Regulatory Agency" Dubai Virtual Asset Regulatory Headquarters Launched in Metaverse
"VARA represents an effort to build a new and strong virtual economic sector, contributing to the nation's economy and creating new investment opportunities, which can be achieved through the safe and modern regulatory solutions we envision."
According to foreign media "GULF NEWS" report:
Dubai launches a “Virtual Assets Regulatory Authority” — VARA — that will enter the Metaverse with the aim of enhancing the supervision of virtual worlds running on virtual and reality. "VARA" launched a metaverse headquarters called "MetaHQ" in the "sandbox", such a virtual world, which will become the framework for the emerging Metaverse field.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, said:
"Dubai" has maintained a leading position in technological transformation. We have moved beyond the role of early adopters to become innovators and involved in shaping the future of this technology.
VARA was launched in Dubai in March as part of a broader agenda setting for Metaverse virtual assets. It establishes a "safe and progressive operational framework" for the scale of the virtual asset sector, while "ensuring the market and protecting investors". VARA will regulate the management principles of services and activities "rather than evolving products and underlying technologies".
Dubai’s “Virtual Assets Regulator” aims to provide a safe and progressive operating structure for the virtual asset (VA) sector, allowing it to continuously develop products and underlying technologies, while safeguarding the market and investors.
Rashid Al Maktoum also added:
VARA has been established as a regulator with virtual security at the core of its mission to foster and securely scale a rapidly decentralized business environment based on four cornerstone principles - secure cross-border interoperability, informed investors Adoption, market protection priorities and responsible industry engagement.
It seems that the metaverse is becoming more and more developed, not only including VR applications, but also deeply integrating digital assets such as blockchain, cryptocurrencies, and NFTs. Seriously, in terms of trends, it is the same as I mentioned before . This Satoshi Island" is about to debut. Citizenship and real estate use NFT , and more and more companies and countries are joining the application. Are you looking forward to such an imminent development?
If you have any ideas, please leave a message below to discuss with me.
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