Dubai Virtual Asset Regulator Buys Land In The Sandbox

[Mic Drop]

Dubai’s Virtual Asset Regulator VARA has reportedly bought virtual land in ‘The Sandbox’ metaverse to set up a virtual office called the ‘MetaHQ’. This makes VARA the first national regulator to do so. This news comes in the backdrop of many crypto firms and organisations increasingly making moves to the country due to its friendly crypto regulations.

According to the statement issued by VARA, MetaHQ intends to provide digital users with virtual access to regulatory resources, something that will become vital as the metaverse and Web3 ecosystem develop.

Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum stated,

“By expanding VARA’s resources to a borderless audience through the Metaverse, Dubai is creating a prototype Decentralised Regulator Model, inviting international thought leaders – global authorities, governance custodians, and industry shapers – to participate, exchange knowledge, and problem-solve collectively so that we enable the dynamic virtual assets sector to build economic resilience, accelerate social inclusion, and address environmental sustainability,”

https://blockworks.co/dubais-crypto-regulator-buys-land-in-the-metaverse-for-headquarters/