The Executive Office of the Dubai Virtual Asset Regulatory Authority (VARA) announced last Tuesday that the authority has established its own virtual headquarters in The Sandbox World. Dubai's aim to build a blueprint for decentralized legislation includes increasing access to its resources to a limitless audience, according to the authorities.

Governments, corporate leaders, authorities, and other asset service providers will be able to use the authority to assist define the future of the digital economy.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, remarked of the inclusion of the Dubai Virtual Assets Regulatory Authority to Metaverse, “Dubai retains its leadership position at the forefront of technological development.” We've progressed from being early adopters to innovators and players in defining the technology's future.”

“The Virtual Assets Regulatory Authority represents a serious effort to build a new and strong economic sector that contributes to the country's economy and creates new investment opportunities,” he continued, “and this is possible thanks to the safe and modern legislative solutions that we envision.”

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The Dubai Virtual Asset Regulatory Authority was established in March after a decision by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Ruler of Dubai. The authority was established to govern virtual assets under the Dubai Law, and it was the first of its kind in the UAE.

The authority aspires to create a sophisticated regulatory framework that protects investors and establishes worldwide standards for administering the virtual asset market in order to promote responsible economic growth in the emirate.

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