The Dubai Virtual Assets Regulatory Authority (VARA) has announced that it will create a virtual world headquarters in The Sandbox virtual world. The virtual headquarters shall be called “MetaHQ” and shall be located in an unknown location within the sandbox virtual world.
The launch of “MetaHQ” is part of Dubai’s attempt to become a virtual asset hub.
Sheikh Hamdan bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, said in a statement to WAM news agency:
“Our presence in the metaverse… marks the beginning of a new phase for the Dubai government into the future; this will have a positive impact in the long run.”
The role of “meta-headquarters”
VARA does not provide many details about the actual role of MetaHQ.
However, VARA said the virtual headquarters will:
“As the main channel for its participation [Virtual Asset Service Providers] Launching applications globally, enabling young licensees [to] Enter Metaverse to openly share knowledge and experiences with consumers and peer regulators to increase awareness, enable secure adoption, and drive global interoperability. “
This development shows how quickly Dubai is transforming into a cryptocurrency hub following the launch of VARA in early March. VARA was created to help advance the legal framework and regulatory system for virtual assets in the UAE, particularly Dubai.
Among other things, crypto companies wishing to operate in the UAE must obtain a crypto license from VARA. VARA has also been tasked with overseeing the activities of asset managers and custodians within the UAE crypto space.