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An Arab country enters the world of "Metaverse"

06.05.2022 10:41 AM
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An Arab country enters the world of "Metaverse"
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The Emirate of Dubai announced its entry into the world of “Metaverse” with the establishment of the Emirate’s Virtual Asset Regulatory Authority as its official headquarters in the virtual world “The Sandbox.” With this step, the Virtual Asset Regulatory Authority of the Emirate (VARA) claims to be the first regulator in the world to establish its headquarters in the “Sandbox” region. Metaverse.
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An Arab country enters the world of "Metaverse"
The Emirate of Dubai announced its entry into the world of “Metaverse” with the establishment of the Emirate’s Virtual Asset Regulatory Authority as its official headquarters in the virtual world “The Sandbox.” With this step, the Virtual Asset Regulatory Authority of the Emirate (VARA) claims to be the first regulator in the world to establish its headquarters in the “Sandbox” region. Metaverse.

The Emirates News Agency quoted the authority as saying that this step reflects the confidence of the Dubai government that virtual assets are an integral part of the future digital economy, and confirms its readiness to consolidate the emirate's position as the capital of virtual assets in the world.

The statement quoted the Crown Prince of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, as saying, “Dubai has been and continues to be a pioneer in keeping pace with all modern technological changes and even contributing to making the future of these technologies. Providing our government, regulatory and oversight services to an open and cross-border audience through modern futuristic tools.”

He added: "The Dubai Virtual Assets Regulatory Authority is working to build a new economic sector that serves our national economy and contributes to providing investment and economic opportunities for dealers by providing safe and sustainable regulatory solutions."

The Dubai Virtual Asset Regulatory Authority was established last March under the emirate's first virtual asset regulation law. With the aim of contributing to attracting investments and companies working in the field of virtual assets to make the emirate a center for their business, and providing the necessary systems to protect investors and dealers in virtual assets.

Interest in metaviruses has skyrocketed since last October after Facebook decided to make the idea its new venture, and the group went so far as to name its parent company Meta.

Metaverse refers to three-dimensional virtual environments in which users can gather and interact.
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