From within: Dubai's virtual asset regulator plans to open HQ in metaverse

cointelegraph.com:

The Dubai Virtual Asset Regulatory Authority, or VARA, has purchased land in the virtual reality world The Sandbox (SAND) as part of its plans to set up a metaverse headquarters.

In a Tuesday announcement from Emirates news agency WAM, VARA said the metaverse entry was aimed at facilitating “collaborative engagement” between virtual asset service providers, international regulatory authorities, and industry leaders. In addition, the Dubai regulator said establishing its “MetaHQ” office could help reach “younger licensees” entering the virtual world.

"By expanding VARA’s resources to a borderless audience through the Metaverse, Dubai is creating a prototype Decentralised Regulator Model, inviting international thought leaders — global authorities, governance custodians and industry shapers — to participate, exchange knowledge and problem-solve collectively so that we enable the dynamic virtual assets sector to build economic resilience, accelerate social inclusion and address environmental sustainability," said Sheikh Mohammed bin Rashid Al Maktoum, prime minister and ruler of the United Arab Emirates.

Dubai’s Virtual Assets Regulatory Authority becomes world's first regulator to make its debut in #Metaverse#WamNews https://t.co/qWUTSwvUjT pic.twitter.com/SoGth4nnpF

Helal Saeed Almarri, director-general of the Dubai World Trade Centre Authority, added:

The move toward the metaverse came less than two months after Sheikh Al Maktoum established VARA and announced a law creating a legal framework for crypto in the Emirate of Dubai. The crypto law will require Dubai residents to register with VARA prior to engaging in crypto-related activities. Penalties for violations may include fines or having business permits suspended or