Mubasher: Dubai's Virtual Assets Regulatory Authority (VARA) has established its Metaverse headquarters in the virtual world, The Sandbox, to become the world's first regulatory authority to enter the Metaverse.

This step will enable VARA to cooperate with global virtual asset service providers (VASPs), industry thought-leaders, and international regulatory authorities, according to a press release on Wednesday.

Founded in March 2022, the authority seeks to set up an operating framework for the virtual asset (VA) sector, protect markets and investors, and regulate the governing principles of the services and activities.

The Crown Prince of Dubai and Chairman of the Executive Council, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, said: "Today, VARA joins the Metaverse to become Dubai's - and the Metaverse's - first government authority, ushering in a new era in which Dubai Government utilises modern innovations to extend its services and regulatory power to audiences in an open technological expanse, without constraints or borders."

Al Maktoum added: "By expanding VARA’s resources to a borderless audience through the Metaverse, Dubai is creating a prototype Decentralised Regulator Model, inviting international thought leaders - global authorities, governance custodians, and industry shapers - to participate, exchange knowledge, and problem-solve collectively so that we enable the dynamic virtual assets sector to build economic resilience, accelerate social inclusion, and address environmental sustainability."