The newly established Virtual Assets Regulatory Authority (VARA) in Dubai has recently begun work in the world of Metaverse. For that, the authority has partnered up with a big metaverse player, The Sandbox.
By doing so, VARA becomes the world’s first crypto regulator marking its presence in the metaverse.
Chairman of the Dubai Executive Council Mohammed Bin Rashid Al Maktoum said:
“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.”
Moreover, VARA’s offices which are virtual in nature will become the place where virtual asset service providers engage with the authorities. In general, the regulator aims 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.”
According to the Bloomberg Intelligence, metaverse could have a total worth of about $800 billion till 2024 given its current growth.
Besides VARA which is developing its own metaverse, nations are also looking on entering the world of metaverse.
Barbados, a tiny Caribbean Island nation is working on a digital embassy in the metaverse. For this, the nation has partnered up with CoinMarketCap. Also, Emirates Airlines, one of the most popular airlines in the world has announced its entry into the metaverse sphere. Moreover, it is also looking on to capitalize on the tremendous growth in non-fungible tokens (NFTs).