{"id":441884,"date":"2022-05-04T19:30:00","date_gmt":"2022-05-04T16:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/from-within-dubais-virtual-asset-regulator-plans-to-open-hq-in-metaverse\/"},"modified":"2022-05-04T19:30:00","modified_gmt":"2022-05-04T16:30:00","slug":"from-within-dubais-virtual-asset-regulator-plans-to-open-hq-in-metaverse","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/from-within-dubais-virtual-asset-regulator-plans-to-open-hq-in-metaverse\/","title":{"rendered":"# From within: Dubai&#8217;s virtual asset regulator plans to open HQ in metaverse"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a348b84b5b44\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a348b84b5b44\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/from-within-dubais-virtual-asset-regulator-plans-to-open-hq-in-metaverse\/#%E2%80%9D_From_within_Dubais_virtual_asset_regulator_plans_to_open_HQ_in_metaverse_%E2%80%9C\" >&#8221; From within: Dubai&#8217;s virtual asset regulator plans to open HQ in metaverse &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_From_within_Dubais_virtual_asset_regulator_plans_to_open_HQ_in_metaverse_%E2%80%9C\"><\/span>&#8221; From within: Dubai&#8217;s virtual asset regulator plans to open HQ in metaverse &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>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.<\/p>\n<p>In a Tuesday announcement from Emirates <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> agency WAM, VARA <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/wam.ae\/en\/details\/1395303044162\">said<\/a> the metaverse entry was aimed at facilitating \u201ccollaborative engagement\u201d between virtual asset service providers, international regulatory authorities, and industry leaders. In addition, the Dubai regulator said establishing its \u201cMetaHQ\u201d office could help reach \u201cyounger licensees\u201d entering the virtual world.<\/p>\n<p>&#8220;By expanding VARA\u2019s resources to a borderless audience through the Metaverse, Dubai is creating a prototype Decentralised Regulator Model, inviting international thought leaders \u2014 global authorities, governance custodians and industry shapers \u2014 to participate, exchange knowledge and problem-solve collectively so that we enable the dynamic virtual assets sector to build economic resilience, accelerate <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> inclusion and address environmental sustainability,&#8221; said Sheikh Mohammed bin Rashid Al Maktoum, prime minister and ruler of the United Arab Emirates.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Dubai\u2019s Virtual Assets Regulatory Authority becomes world&#8217;s first regulator to make its debut in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Metaverse?src=hash&amp;ref_src=twsrc%5Etfw\">#Metaverse<\/a><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/WamNews?src=hash&amp;ref_src=twsrc%5Etfw\">#WamNews<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/qWUTSwvUjT\">https:\/\/t.co\/qWUTSwvUjT<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/SoGth4nnpF\">pic.twitter.com\/SoGth4nnpF<\/a><\/p>\n<p>\u2014 WAM English (@WAMNEWS_ENG) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WAMNEWS_ENG\/status\/1521447981790150657?ref_src=twsrc%5Etfw\">May 3, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nHelal Saeed Almarri, director-<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> of the Dubai World Trade Centre Authority, added:<\/p>\n<blockquote><p>&#8221;VARA\u2019s acquiring land in the Sandbox is symbolic of our belief in this sector, and the onus is on us as government to be the bridge that allows investors and consumers to safely adopt, and collaboratively scale the economy. In addition to yielding direct economic benefit and GDP acceleration for Dubai, the VARA sees this as the first step towards shared learning and expertise development across global regulators, so that the international community can benefit from a virtual economy that has been allowed to scale safely and sustainably.&#8221;<\/p><\/blockquote>\n<p>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 canceled.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/606c0dd6-98ec-4436-a65f-cf872bebc4e7.png\"><figcaption style=\"text-align: center;\"><em>VARA, as it <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears in the metaverse. Source: The Sandbox<\/em><\/figcaption><\/figure>\n<p>Though many companies announced they would be opening offices in the metaverse following Facebook rebranding to Meta in October 2021, VARA is one of the first regulators to do so. On Tuesday, the United States Securities and Exchange Commission said it would expand its division in charge of crypto enforcement by 20 people in an effort to be \u201cbetter equipped to police wrongdoing in the crypto markets,\u201d but has not signaled a similar move into the metaverse.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Crypto City: Guide to Dubai<\/em><\/strong><\/p>\n<p>As an Emirate within the UAE, Dubai largely has its own laws and regulations, operating several \u201cfree zones\u201d where people can incorporate companies and apply for trade licenses. For example, the Dubai Financial Services Authority acted as the financial regulator for the Dubai International Financial Centre and introduced its own framework on crypto. Binance CEO Changpeng Zhao also purchased an apartment in the city in October 2021.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/from-within-dubai-s-virtual-asset-regulator-plans-to-open-hq-in-metaverse\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; From within: Dubai&#8217;s virtual asset regulator plans to open HQ in metaverse &#8220; 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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":441885,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvNTgzZDNhNmMtZWNhYi00YTRmLTlmZGQtYmNiNjA5ZDY5ZWYyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[91498,77146,71644,55229,70934],"class_list":["post-441884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-metaverse","tag-uae","tag-dubai","tag-law","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/441884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=441884"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/441884\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/441885"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=441884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=441884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=441884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}