The Dubai cryptocurrency market regulator has announced the opening of its headquarters in The Sandbox metaverse.
The Virtual Assets Regulation Authority (VARA) has announced it will become the first emirate government agency and global regulator with a presence in the virtual world.
The agency has explained the move as a desire to increase the availability of its services, as well as to promote cooperation between cryptocurrency service providers, industry leaders and supervisory authorities.
In March, the Dubai authorities passed a law on virtual assets and established VARA.
Helal Saeed Almarri, head of the Dubai World Trade Center, has said:
“Dubai sees the virtual asset industry as a driver of the future global economy. VARA was created at a pivotal moment in response to the expansion of the emirate’s incredibly complex and modern legal framework governing the industry.”
