Dubai: the regulator of the meta-verse The Sandbox
Dubai Digital Assets Regulatory Authority (VARA) indicated its entry into the metaverse with establishment of a seat in the universe of Sandboxes (SAND).
The goal is to be able to be that available to industry players and facilitate collaborations between cryptocurrency platforms.
VARA was recently created for create a secure and progressive framework to the digital asset industry.
Its aim is actually to be able to ensure the development of the ecosystem while protecting the market and investors.
During the inauguration, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, said:
“We have moved beyond being an early adopter to become an innovator and a participant shaping the future of this technology. Today, VARA joins the metaverse to become Dubai’s and metaversen’s leading government authority, heralding a new era where the Dubai government uses modern innovations to expand its services and regulatory power to the public in an open technological area without limits or boundaries. “
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Metaverset, a new way to interact with regulation?
Despite the regulator announcing the establishment of a seat in The Sandbox, the regulator has not yet revealed its location.
However, this initiative can be seen as a new means of interaction between regulation and the actors in this ecosystem. In this sense, Sheikh Hamdan added:
” By expanding VARA’s resources to a limitless audience through the meta-verse, Dubai creates a prototype decentralized regulatory model that invites international thinkers – global authorities, guardians of government and industry creators – to participate, exchange knowledge and solve problems together to enable dynamic virtual asset sector for to build economic resilience, accelerate social inclusion and ensure environmental sustainability. »
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Sources: Account Twitter from The Sandbox and the news agency WAM.
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