VARA’s Metaverse HQ, First on The Sandbox
Sophia Cruz • 1 min read
Dubai’s Virtual Assets Regulatory Authority, also known as VARA, will establish its virtual headquarters in the dynamic metaverse world of The Sandbox. Dubai’s VARA was created in March in order to easily manage or supervise crypto trading and other virtual asset exchanges that include non-fungible tokens (NFTs).
The Sandbox is a blockchain-based game and virtual world that went live in November 2021. The platform allows you to purchase, sell, and stake various NFT assets with its native SAND token. Big companies like Adidas, gaming legend Atari and rapper Snoop Dogg have partnered with The Sandbox.
As the world’s first Regulator to enter the metaverse world, VARA plans to provide digital users with access to regulatory resources within the virtual environment and increase its digital presence. Most importantly to facilitate collaborative engagement between industry thought-leaders, international regulatory authorities, and the Virtual Asset Service Providers (VASPs).
VARA’s MetaHQ will serve as its primary channel to engage Virtual Asset Service Providers across the world to start applications, enable junior licensees to enter the metaverse, and openly share learnings and experiences with consumers and peer regulators to enable safe adoption, raise awareness, and drive global interoperability.
This wise move shows the Dubai Government’s confidence in virtual assets. It is integral to the country’s future digital economy and its eagerness to build up the Emirate as the global’s virtual assets capital.