VARA, Dubai’s Virtual Assets Regulatory Authority, to open MetaHQ in The Sandbox

Dubai Metaverse Sandbox

Bob Coiney

May 4, 2022

Dubai’s crypto regulator has announced its plan to launch a metaverse headquarters in The Sandbox as a part of Dubai’s attempt to turn itself into the virtual asset hub for the world. The announcement was made on Tuesday when the Crown Prince of Dubai and Chairman of the Dubai Executive Council, Sheikh Hamdan bin Rashid Al Maktoum said, 

“Our presence in the metaverse… marks the beginning of a new phase in the Dubai government’s march for the future; one that will have a positive impact in the long run,”

The authority has not unveiled the details about the MetaHQ or Meta headquarters and what the purpose of this development is. However, the authority, in a brief statement, mentioned that the MetaHQ will:

“serve as its primary channel to engage [Virtual Asset Service Providers] across the globe to initiate applications, enable younger licensees [to] enter the metaverse, openly share knowledge and experiences with consumers and peer regulators to raise awareness, enable safe adoption, and drive global interoperability.”

About the MetaHQ

Details about the MetaHQ are still hazy, and the location of the headquarters in The Sandbox has not been revealed yet. VARA, Dubai’s Virtual Assets Regulatory Authority, was established at the beginning of March to develop an advanced legal framework and regulatory system for the operations of virtual assets in Dubai and the rest of the UAE. 

All the crypto firms that wish to operate in UAE must obtain a crypto license from VARA along with establishing a business presence in-country. Moreover, VARA also regulates the activities of custodians and asset managers in the crypto space. 

This MetaHQ seems to be part of the Dubai government’s attempt to turn the city into a global hub for the digital economy and virtual assets. However, what regulations VARA will impose is still to be seen.