The Virtual Assets Regulatory Authority (VARA), the regulator of the cryptocurrency market in Dubai, has announced it is opening an office in The Sandbox metaverse.
The institution has announced it will become the emirate's first government agency and global regulator with a presence in the virtual world.
The VARA has said it has made this decision because it wants to increase the availability of its services, as well as to promote cooperation between cryptocurrency service providers, industry leaders and supervisory authorities.
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The Dubai authorities passed in March a law on virtual assets and created the VARA.
Helal Saeed Almarri, director of the Dubai World Trade Centre, has commented:
"Dubai views the virtual asset industry as the driver of the global future economy. The VARA has been established at a pivotal moment in response to the expansion of the Emirate’s incredibly sophisticated and modern legal framework regulating virtual asset activities."
According to him, the regulator's entry into the metaverse contributes to "the creation of a new borderless new market enabling sustainable economic freedom."