The virtual assets regulator in Dubai has become the world's first to enter the metaverse

Dubai's Crown Prince, Sheikh Hamdan bin Mohammed, applauds the emirate's "brave move" to employ modern technologies to expand its services.


The Virtual Assets Regulatory Authority of Dubai has announced the opening of its Metaverse HQ, making it the first regulator to have a presence in the rapidly growing digital realm.
Dubai Metaverse

The Virtual Assets Regulatory Authority of Dubai has announced the opening of its Metaverse HQ, making it the first regulator to have a presence in the rapidly growing digital realm.


Vara's materials will be made available to a global audience as part of Dubai's plan to develop a prototype decentralized regulator model.


The Executive Office said in a statement on Tuesday that it seeks to make it accessible to government and business leaders, other authorities, and virtual asset service providers in order to assist create the future digital economy.



MetaHQ will be the main point of contact for global virtual asset service providers to launch applications, welcome new licensees, share experience, and promote global interoperability, according to the company.


The Sandbox platform, which is supported by Japanese investment company SoftBank and lets users to generate, trade, and purchase digital assets, will be used by Vara's MetaHQ.


The "bold move" will be "ushering a new era" that will see the Dubai government leverage modern innovations to "extend its services and regulatory power to audiences in an open technological expanse, without constraints or borders", Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, said.


Also, Sheikh Hamdan said,


“Dubai maintains a leading position at the forefront of technological transformation. We have exceeded the role of an early adopter to become an innovator and participant in shaping the future of this technology."