Dubai’s VARA to Establish World’s First Metaverse HQ in The Sandbox
Even with so much metaverse and web-3 activity, few likely had Dubai’s cryptocurrency regulatory body launching a metaverse headquarters on their Bingo sheet, right?
Well that’s exactly what happened; Dubai’s Virtual Asset Regulatory Authority (VARA) leaped into Sandbox to participate in the growing metaverse ecosystem.
Dubai Enters the Metaverse
Launched in early March, the Virtual Asset Regulatory Authority (VARA) aims to create an advanced legal framework to protect investors and design much-warranted international standards for virtual asset (VA) industry governance that will promote responsible business growth.
Building on that idea, the regulatory body intends to establish its headquarters in the Metaverse as well to facilitate collaborative engagement between crypto service providers and international regulatory authorities.
On the inauguration of the VARA MetaHQ, the Crown Prince of Dubai and Chairman of Dubai Executive Council, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said,
“Dubai maintains a leading position at the forefront of technological transformation. We have exceeded the role of an early adopter to become an innovator and participant in shaping the future of this technology.”
VARA’s movement to the metaverse, being the first government authority in the Sandbox universe, aims to signal Dubai’s Government’s propensity to be tech-forward, rather than constraining or limiting innovation.
According to Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, VARA also represents a serious effort to build a new, robust economic sector that will contribute to Dubai’s economy and will create new investment opportunities.
However, despite the VARA movement to the metaverse, Dubai still remains on the list of countries with the strictest cryptocurrency policies; no crypto service provider is allowed to function in the country without the VARA’s authorization. Failure to do so can even result in the suspension or cancellation of the permit.
Choosing the Sandbox
Even though The Sandbox isn’t the largest Metaverse by market cap, it still tends to be one of the most preferred virtual worlds by brands and companies such as the HSBC Bank, Snoop Dogg’s Snoopverse, etc., and now regulatory bodies.
However so, the decline noted in sales and users since February might become a matter of concern.
Between November 2021 and May of this year, the price of a single plot of LAND in the Metaverse has reduced from $10,851 to $3,365, respectively.
Furthermore, the number of plots sold since January has also dropped from 16,511 to just 2,243, resulting in a significant fall in the total unique users on the platform.
In conclusion, The Sandbox needs some much-needed boost of positive response from its community.
As it is on the investment front, Sandbox’s token SAND disappointed investors this week after it dropped by almost 30% to a 6-month low. But as the market-wide recovery initiated 24 hours ago, SAND shot up by 14.27%.
While the journey to a new all-time high of $7.53 will be a difficult one, SAND can make it, provided its investors stay affirmative for a long time.
PancakeSwap: Your Recipe to a Sweet Life of CAKE Farming PancakeSwap is the world’s third most popular…
Cryptocurrency regulation has been a matter of discussion in the United States for a while now, and…
In the three years since its launch, Uniswap has amassed not only a huge user base but…
Cryptocurrency regulation has been a matter of discussion in the United States for a while now, and it appears to be that the same might be coming to an end soon. At the same time, cryptocurrency regulation could also witness a dynamic power shift from the Securities & Exchange Commission (SEC) to the Commodities and…
ABOUT THE AUTHOR
ABOUT THE AUTHOR
Working as a journalist and editor in the crypto industry for over a year now has made me better understand the responsibilities that entail this profession. As I continue to learn and grow, my experience as a market analyst, news writer, and interviewer has enabled me to better understand cryptocurrencies, the world of NFTs and Metaverse, and everything that comes with web3. With a keen interest in Decentralized Finance and the political impact of this industry, I strive to absorb as much knowledge as I can and share it with others.