(WAM) Dubai’s Virtual Asset Regulatory Authority has announced plans to enter the metaverse through a Sandbox-based headquarters.
VARA said that its presence in the metaverse is the start of a new future for the Dubai government in making a positive impact.
The authority said that its metaverse headquarters will serve as a channel to engage virtual asset service providers globally. It says this will enable the development of new applications and sharing of experiences that will drive global interoperability.
VARA further states that the headquarters will be crucial in enticing younger licensees to enter the metaverse space as well as promote safe adoption.
VARA, the crypto regulator established in Mach, creates an advanced legal framework for virtual assets in Dubai and the larger UAE. It also grants crypto licenses for firms seeking to offer services in the country.
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