The Virtual Assets Regulatory Authority (VARA) of Dubai announced on Tuesday that it would be the world's first regulator to enter the metaverse.
The authority will set up its metaverse headquarters in the virtual world The Sandbox. VARA stated in a statement that its move into the metaverse is intended to make the regulator "accessible to its industry in their environment, and facilitate collaborative engagement between global Virtual Asset Service Providers (VASPs), Industry Thought-leaders, and International Regulatory Authorities." VARA was created to provide a scalable operating framework for the virtual asset sector while also providing market and investor protections. It intends to regulate the governing principles of services and activities as opposed to specific products and technologies.