Access Alert | Dubai’s virtual asset regulator enters the Metaverse

Access Alert | Dubai’s virtual asset regulator enters the Metaverse

On 3 May, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, announced the entry of Dubai’s recently established Virtual Assets Regulatory Authority (VARA) into the metaverse. This comes through the establishment of its metaverse headquarters (MetaHQ) in “The Sandbox”, making it the world’s first regulator to have a presence in the metaverse.

Established under the Dubai Virtual Asset Regulation Law introduced in early March, VARA serves as a competent authority that oversees virtual asset services by regulating, licensing, and supervising virtual asset service providers as well as the issuance of virtual assets and tokens. Through the provision of VARA’s resources to a borderless audience in the metaverse, Dubai has created a prototype of the decentralized regulator model, engaging global industry thought leaders and regulatory authorities to exchange knowledge, problem-solve, and build a dynamic virtual asset ecosystem to facilitate economic resilience, accelerate social inclusion, and address environmental sustainability. Additionally, VARA’s MetaHQ will serve as the authority’s primary channel to engage global virtual asset service providers (VASPs) to initiate applications, enable younger licensees to enter the metaverse, and openly share knowledge and experiences to raise awareness, enable safe adoption, and drive global interoperability.

It is also noteworthy that VARA’s MetaHQ will be established in “The Sandbox”, an Ethereum blockchain-based virtual platform that allows users to create, build, purchase, and monetize virtual assets. Backed by Japanese multinational conglomerate SoftBank’s Vision Fund 2, The Sandbox’s metaverse world was launched in November 2021 after four years of development. Through the symbolic acquisition of the digital land in “The Sandbox”, VARA shows not only its great confidence in the sector’s rapid development but also its commitment to getting a head start in sharing the learning process and industry expertise with regulators across the globe to further facilitate the growth of the sector safely and sustainably.

Access Partnership is closely monitoring developments regarding the entry of Dubai’s Virtual Assets Regulatory Authority into the metaverse. For more information regarding the regulations or engagement in the UAE, please contact Hussein Abul-Enein at hussein.abul-enein@accesspartnership.com, or Chen-Che Hsu at chenche.hsu@accesspartnership.com.

Subscribe to our news alerts here.

Related Articles

Access Alert | Brazilian telecom regulator approves Strategic Plan for 2023-2027; Peruvian government begins reorganisation of 800 MHz band

Access Alert | Brazilian telecom regulator approves Strategic Plan for 2023-2027; Peruvian government begins reorganisation of 800 MHz band

Two key Latin American countries have demonstrated a strong interest in expanding broadband coverage, fostering investment, and maintaining industry dynamism....

25 Nov 2022 Opinion
Access Alert | Colombia allocates the entire 6 GHz band for unlicensed use

Access Alert | Colombia allocates the entire 6 GHz band for unlicensed use

On 18 November, Colombia’s National Spectrum Agency (ANE) published Resolution 737, officially adding the 1.200 MHz that comprise the 6...

22 Nov 2022 Opinion
SDGs and Space in Africa

SDGs and Space in Africa

AfricaCom 2022 recently concluded. As the premier event for the telecoms industry in Africa, there were many key discussions on...

18 Nov 2022 Opinion
Access Alert | China’s World Internet Conference 2022

Access Alert | China’s World Internet Conference 2022

China held its annual World Internet Conference 2022 (WIC 2022 / 世界互联网大会) in Wuzhen between 9-11 Nov 2022, with the...

14 Nov 2022 Opinion