Dubai’s Virtual Asset Regulatory Authority is planning to launch a metaverse base in the Sandbox virtual amid efforts by the UAE to become a cryptocurrency hub.
The Crown Prince of Dubai and the Chairperson of the Dubai Executive Council, Sheikh Al Maktoum, says a presence in the metaverse is a new phase of positivity.
The regulator has hinted that the new location will be the main interface to engage Virtual Asset Service Providers globally and allow new entrance into the metaverse.
The virtual space, whose location is yet to be announced, will be used to share knowledge and experiences with clients and raise awareness among the regulators.
VARA was unveiled at the start of March as a legal framework and regulatory system for virtual assets in Dubai and the rest of the UAE.
The move by Dubai to grow as a blockchain hub has received remarkable success attracting major brands like Bybit and Three Arrows Capital and crypto exchanges.
Source: Emirates News Agency-WAM