Dubai's cryptocurrency regulator has set up an office in the metaverse – Bits Media

Dubai Virtual Assets Authority (BE) against the backdrop of the popularity of the presence of large corporations in metaverses, The Sandbox opened a representative office in the virtual world.

VARA representatives explained, that the headquarters is in virtual space will allow you to offer services and provide a platform for interaction between market participants, from virtual asset service providers (VASP) to influential industry representatives and regulators from around the world. By placing an office in the metaverse, Dubai regulator says it is committed to making the emirate the “virtual asset capital of the world”.

Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum (Hamdan bin Mohammed bin Rashid Al Maktoum), commenting on VARA statements, noted, that the emirate authorities intend to maintain a leading position in the crypto industry:

“Today VARA joins the metaverse, to become Dubai's first government body, opened a new era, in which the government of the emirate will use innovation to expand the range of services and regulatory powers in an open technology space without restrictions".

Hamdan added, what, creating a headquarters in the metaverse, VARA has created a decentralized regulatory model, which allows stakeholders to share knowledge and solve problems collectively.

UAE authorities are increasing their presence in the cryptocurrency market. In March, the top officials of the United Arab Emirates said, that they will discuss the role of digital assets in the future of the country and the prospect of paying salaries in cryptocurrency.