VARA, as the world’s first regulator to make its debut in the Metaverse, seeks to ensure that the regulator is accessible to its industry in their environment, as well as to facilitate collaborative engagement between global Virtual Asset Service Providers (VASPs), Industry Thought-leaders, and International Regulatory Authorities.
VARA expects to regulate the governing principles of the services and activities, rather than the constantly evolving products and underlying technologies, in order to provide a secure and progressive operating framework for the virtual asset (VA) sector to scale while assuring market and investor protection. This audacious step underscores the Dubai Government’s belief in Virtual Assets as a vital component of the future digital economy, as well as its determination to establish the Emirate as the world’s Virtual Assets Capital.
H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, remarked at the launch of the VARA MetaHQ on the Sandbox, “Dubai remains a leading position at the forefront of technological innovation.” We have progressed from the role of the early adopter to innovator and participant in defining the future of this technology. Today, VARA joins the Metaverse to become Dubai’s – and the Metaverse’s – first government authority, ushering in a new era in which the Dubai Government uses modern innovations to extend its services and regulatory power to audiences across an open technological expanse, free of constraints and borders.
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VARA is a serious attempt to create a new, powerful economic sector that contributes to the national economy and offers new investment opportunities, which is made feasible by the safe and modern regulatory solutions we propose. Our presence in the Metaverse thus symbolizes the beginning of a new phase in the Dubai Government’s march into the future, one that will have a long-term positive influence.”
Sheikh Hamdan continued, “VARA was founded as a mission-driven regulator with the goal of nurturing and safely scaling a rapidly decentralizing business landscape based on four pillar principles: secure cross-border interoperability, informed investor adoption, market protection prioritization, and responsible industry participation.
“By extending VARA’s resources to a borderless audience via the Metaverse, Dubai is developing a prototype Decentralized Regulator Model, inviting international thought leaders – global authorities, governance custodians, and industry shapers – to participate, exchange knowledge, and problem-solve collectively, allowing the dynamic virtual assets sector to build economic resilience, accelerate social inclusion, and address environmental sustainability.”
VARA joins private sector game-changers, inventors, and market builders in ICT, Financial and Professional services, Lifestyle, Entertainment, and FMCG beyond gaming and VASPs in an unwavering commitment to enabling economic freedom in the Metaverse.
VARA MetaHQ will be its primary channel for engaging VASPs around the world in order to initiate applications, allow younger licensees to enter the metaverse, and openly share knowledge and experiences with consumers and peer regulators in order to raise awareness, enable safe adoption, and drive global interoperability.
“Dubai regards the virtual asset business as the motor of the global future economy,” said Helal Saeed Almarri, Director-General of the Dubai World Trade Centre Authority. VARA was founded at a critical juncture in response to the Emirate’s very sophisticated and modern legal framework governing virtual asset activity. VARA’s Metaverse HQ makes the UAE the first jurisdiction to enter this platform as the first specialty regulator for the VA sector globally, highlighting our leadership’s goal to support a borderless new market enabling sustainable economic independence.
“VARA’s acquisition of land in the Sandbox is emblematic of our belief in this sector, and the onus is on us as government to be the bridge that allows investors and consumers to safely embrace and develop the economy collectively. The VARA sees this as the first step toward shared learning and knowledge development among global regulators so that the international community can benefit from a virtual economy that has been permitted to scale safely and sustainably.
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