Official Dubai comes into the metaverse, confirming its openness and commitment to the latest trends and technologies. The foremost metaverse project The Sandbox, which loses in market capitalization only to ApeCoin, has been chosen for the partnership.
The Crown Prince of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, announced that VARA (Dubai Virtual Assets Regulatory Authority) is opening its own headquarters in the virtual space of The Sandbox.
VARA is a new body (founded in March 2022), which aims to play a key role in creating a legal framework to protect investors and set international standards for asset management in Dubai, while supporting the concept of an “economy without borders and barriers”.
The Dubai functionary called The Sandbox’s virtual world “dynamic” and also expressed confidence that this step will expand Dubai’s services and regulatory powers to an audience in an open technological space without limits or boundaries. And Sebastien Borge, operating officer and co-founder of The Sandbox, noted that VARA will be the first regulator in the open metaverse.
The plot of virtual land in the metaverse that VARA has bought is adjacent to two plots that The Sandbox has provided for its own educational initiatives, raising user awareness, and encouraging the sharing of best practices within its community.
VARA counts on the formation of a prototype that will be the basis for governments and organizations to create a model for decentralized regulation of virtual assets in the near future. The step reflects the willingness of the Dubai government to establish its emirate as the world capital of the digital economy.
The official account of The Sandbox congratulated Dubai on the purchase, calling this cooperation a great honor for themselves.
