Dubai's virtual assets governance body has launched its headquarters in the Metaverse.
Dubai’s VARA revealed its headquarters located within The Sandbox Metaverse.
Established in early March 2022, VARA aims to lay down the legal groundwork for virtual assets in the UAE, becoming the first regulatory authority to explore the Metaverse.
The Sandbox The Sandbox is a virtual universe that hosts numerous businesses, including major names like HSBC and the Snoopverse created by Snoop Dogg.
The VARA headquarters in the Metaverse is dubbed 'MetaHQ,' where it will facilitate interactions between Virtual Asset Service Providers and global regulators. However, the exact coordinates of MetaHQ have not yet been disclosed.
In a statement According to the WAM agency, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, stated, 'Dubai is positioned as a leader in technological innovation. We’ve moved beyond just being early adopters to actively shaping the future of technology.'
Dubai stands out as one of the select cities worldwide accepting cryptocurrency payments in various venues, albeit under stringent regulations. Presently, no crypto service provider can operate within the emirate without VARA's approval.
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